Back in August, I labeled Comcast Corp. (NASDAQ: CMCSA) as a 'slacker stock,' "which like its human equivalent spends his days sitting on the coach playing video games in his underwear and whining about his lot in life." Now, the world's largest cable company, which has dropped more than 30% this year, has finally grown up.

The Philadelphia-based company reported that net income soared 54% to $602 million, or 20 cents per share, beating the 17 cent consensus estimate of analysts surveyed by Bloomberg News. Sales surged 14% to $8.01 billion, also beating analysts' expectations. As if that wasn't enough, Comcast also announced a $6.9 billion stock buyback and said it would begin paying its first dividend in almost 10 years. The company's guidance also was strong. Particularly noteworthy was the expected decline of capital expenditures as a percentage of revenue to 18%. Revenue and operating cash flow is expected to grow 8% to 10% with free cash flow jumping 20% to $2.3 billion.

Comcast seems to be listening to the complaints of shareholders who are concerned about the company's poor stock performance. Whether this will make Chieftain Capital Management, which last month called for the ouster of CEO Brian Roberts, remains to be seen. One quarter is not a trend.

My wife and I are not sure whether we am sticking with the company's triple play deal that expires at the end of the month or switch to Verizon Communications Inc. (NYSE: VZ)'s FiOS. I bet I am not alone. It will be interesting to see if the company's churn rate starts to increase in the coming months.