Comcast Posts Q2 Results, But Are Investors Only Concerned About Its Recent M&A Spree?

Shares of Comcast Corporation (NASDAQ: CMCSA) were trading higher by nearly 2 percent at $68.50 early Wednesday morning after the company reported its second quarter results.

Comcast earned $0.83 per share in the second quarter on revenue of $18.7 billion. Wall Street analysts were expecting the company to earn $0.81 per share on revenue of $19.0 billion.

Comcast's reported earnings per share marks a decrease of 1.2 percent from the same quarter a year ago, while consolidated revenue rose 2.8 percent over the same time period.

Net income for the quarter rose to $2.137 billion from $2.028 billion a year ago.

Investors More Focused On M&A Activity?

Should Comcast's stock hold on to its early morning gains, the stock will open above its 52-week high of $67.95. Since the start of 2016, shares of Comcast have gained nearly 20 percent but are only higher by 8 percent over the past year.

It's likely that investors could be more focused on Comcast's recent M&A activity rather than the earnings print in buying the stock.

Most recently, the company was named by industry sources as being interested in acquiring Level 3 Communications, Inc. (NYSE: LVLT)

Earlier this year, Comcast bought DreamWorks Animation studio for $41 per share.

Comcast's chief of its NBCUniversal division, Steve Burke, said at the time that the acquisition will "help us grow our film, television, theme parks and consumer products businesses for years to come."