Comcast Profit Falls 77% on Expenditures

Comcast Corp. said second-quarter profit fell 77% as the No. 3 U.S. cable-television company spent more to provide high-speed Internet access and digital TV.

Net income fell to $187.7 million, or 19 cents a share, from $824.0 million, or $1.01, a year ago. Comcast’s 1999 profit excludes recent acquisitions and includes a $1.5-billion pretax gain. Sales including those purchases rose 11% to $1.91 billion from $1.73 billion. Capital spending rose 32% to $327.2 million as Comcast digital TV subscribers quadrupled and Internet users doubled.

Comcast shares fell 69 cents to close at $32.38 on Nasdaq.