Comcast reported earnings and revenue that beat analysts’ estimates as broadband customers spent more on pricier services.

Revenue climbed 2.3% to $31.3 billion in the fourth quarter, the company said in a statement Thursday. Adjusted earnings per share rose 2.4% to 84 cents. 

The largest U.S. cable company and owner of Xfinity broadband business has been losing subscribers to telecom rivals that are deploying fast fiber connections and improved wireless offerings. But those that stick to Comcast spent on average 3.9% more in the fourth quarter as they moved to more expensive higher-speed offerings. 

The gain in average revenue per user “suggests sustained pricing power and a focus on profitability,” Geetha Ranganathan, an analyst at Bloomberg Intelligence, said in a note. 

Comcast lost 389,000 cable-TV customers and shed 34,000 domestic broadband subscribers, in the three months ended Dec. 31, though that was fewer than analysts expected. 

Philadelphia-based Comcast also increased its dividend by 8 cents to $1.24 a share for 2024 and boosted its share buyback program to $15 billion. The shares rose 2.3% in early trading in New York.

Comcast offers wireless mobile through the Xfinity brand as part of a package for internet subscribers. It said it added 310,000 mobile phone customers, fewer than the 329,000 analyst predicted. Competitors AT&T Inc. and Verizon Communications Inc. reported subscriber gains earlier in the week. 

Comcast is also the owner of the NBCUniversal media empire and Sky TV. During the quarter, the company added 3 million subscribers to its Peacock streaming service, reaching a total of 31 million. The Peacock business lost $825 million during the quarter, 15% less than the same period a year ago.

The company’s film studio, the largest in the world last year thanks to hits such as “The Super Mario Bros. Movie” and “Oppenheimer,” earned $308 million in the quarter. Its theme parks generated EBITDA of $872 million.

—Bloomberg News