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Comcast drops after wider-than-expected Q1 loss
NEW YORK (CBS.MW) -- A better-than-100-percent rise in first-quarter revenue couldn't keep Comcast out of the hole Thursday as a wider loss sent shares of the cable TV and Internet provider into the red with the rest of the media sector.

Before the bell, Comcast reported a first-quarter loss of $297 million or 13 cents per share, compared to a loss of $89 million or 9 cents, in the year-ago period. The consensus estimate of analysts polled by Reuters Research had been for a loss of 7 cents per share.

Cash flow was nearly $1.64 billion, up from $808 million, largely as result of the Philadelphia-based company's acquisition of AT&T Broadband. Revenue more than doubled to $5.518 billion, narrowly missing Wall Street's average in a survey of analysts by Reuters Research.

Looking ahead, the company said it expects to add 75,000 to 100,000 new basic cable subscribers in 2003, up from an earlier forecast of flat growth.

Shares of Comcast (CMCSK) fell 21 cents to $28.74 in the early going.

In other media action, AOL Time Warner (AOL) lost 1 percent to $13.20, while Walt Disney Co. (DIS) eased 2 cents to $18.34 and News Corp. (NWS) dropped 13 cents to $28.79.

Viacom (VIA) , a significant shareholder in the publisher of this report, was down over 1 percent at $43.39. French media giant Vivendi Universal (V) bled out almost 2 percent to $16.10.

Moving down the food chain, licensed character concern Marvel (MVL) was back on the downside, ending a striking bull run this week with a loss of 12 cents to $19.80.

In the advertising segment, shares of Interpublic Group (IPG) were down over 1 percent at $11.51, while London-based WPP Group (WPPGY) slipped almost 3 percent to $37.29 and Omnicom Group (OMC) dropped 1 percent to $64.77.

Interpublic, due to roll out first-quarter results after the close, said late Wednesday that it has tapped Pharmacia executive Christopher Coughlin as its first chief operating officer.

Coughlin, also a former CFO of Nabisco, will work with CEO David Bell to manage the ad-agency conglomerate, Manhattan-based Interpublic said, and will also take a seat on the board of directors.