/Comcast beats on earnings, shares rise

Comcast beats on earnings, shares rise


Comcast on Thursday reported third-quarter earnings and revenue that exceeded expectations, as did closely watched data on new high-speed internet customers.

The stock rose 2.1% in premarket trading on the news.

Here are the key numbers:

  • Earnings per share: 79 cents vs. 75 cents per share, according to Refinitiv estimates
  • Revenue: $26.83 billion vs. $26.77 billion, according to Refinitiv
  • High-speed internet customers: 379,000 vs. 344,000 net adds, according to FactSet estimates

This marks the fifth consecutive quarter for which Comcast has exceeded analysts’ earnings estimates. Shares of the stock have climbed more than 34% this year.

Comcast also surpassed analysts’ expectations for high-speed internet customers, reporting 379,000 compared with FactSet expectations of 344,000.

Theatrical revenue for NBCUniversal slumped 8.8% from a year earlier. The company blamed the decline on the strength of film releases in last year’s third quarter, including “Jurassic World: Fallen Kingdom” and “Mamma Mia! Here We Go Again.” Comcast noted the decline was partially offset by the release of “Fast & Furious Presents: Hobbs & Shaw” during the third quarter.

The company said Sky, the British broadcaster acquired in September, saw its customer relationships increase 2.1% year over year to 23.9 million. Sky brought in $4.6 billion in revenue for the quarter, a 4.2% decrease from a year earlier. Comcast blamed the impact of currency fluctuations for the change.

Here’s how Comcast’s other divisions did for the third quarter:

  • Cable communications accounted for $14.58 billion in total revenue
  • Cable networks accounted for $2.77 billion in total revenue
  • Broadcast television brought in $2.23 billion in total revenue
  • Filmed entertainment brought in $1.71 billion in total revenue, a 6.2% decrease from the previous year
  • Theme Parks brought in $1.63 billion in total revenue

The earnings report was Comcast’s first since the official announcement of its new streaming service, “Peacock.” The ad and subscription-supported service is slated to roll out in April with a packed content slate, including popular shows like “The Office” and “Parks and Recreation.” It will compete with the likes of Apple, Disney and Netflix, among others.

Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com.

Original Source