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Despite the pullback in consumer spending and steeper than ever competition, Comcast on Wednesday reported remarkable growth in its third quarter.
The largest U.S. cable company showed a 38 percent increase in third quarter profit, and an important indicator of its resilience: 7 percent increase in revenues and cash flow. Bottom line: Comcast [ CMCSA 17.49 
-0.04 (-0.23%) ], and the cable TV industry as a whole, looks well positioned to weather this downturn.
"Video and broadband are no more discretionary for most families than running water and electricity," wrote Craig Moffett, Sanford Bernstein's cable analyst in his latest report.
The fact that many customers have signed up for Comcast's "triple play" of cable, internet access and phone may mean they'll hesistate before dropping any one of these services — because they're getting a deal on all three.
Comcast isn't impervious to the economic downturn, of course: its advertising dropped 10 percent to $374 million. And on the post-earnings conference call, Comcast execs said that in this economy, consumers are less likely to pay for premium services or sign up for a new digital phone service, instead sticking with their cell phones.
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