Earnings Results: Comcast easily clears profit hurdle, but stock dips after earnings

by | Oct 26, 2023 | Stock Market

Comcast Corp. notched a sizable profit beat in the third quarter as it continued to rack up new wireless customers but shed subscribers in its video business. The company disclosed Thursday that it logged a net loss of $4.05 billion, or 98 cents a share, whereas it lost $4.60 billion, or $1.05 a share, in the year-prior period. On an adjusted basis, Comcast
earned $1.08 a share, up from 96 cents a share a year before and ahead of the FactSet consensus, which was for 95 cents a share.

Revenue increased to $30.12 billion from $29.85 billion, whereas analysts were modeling $29.69 billion. Shares were down 0.6% in premarket trading Thursday. The company generated $20.27 billion in revenue from its connectivity and platforms business, up from $20.05 billion a year before. The FactSet consensus was for $20.07 billion for this unit, which houses the company’s cable business. Comcast had 32.29 million total domestic broadband customers in the third quarter, with a net loss of 18,000. Domestic wireless lines for Comcast came in at 6.28 million after the company added a net of 294,000 lines. The company shed a net of 490,000 video customers to bring its count of total domestic video customers to 14.50 billion. Content and experiences revenue ticked up marginally to $10.56 billion from $10.48 billion, while analysts were looking for $10.76 billion. The company flagged a 17% increase in revenue from theme parts, driven larg …

Article Attribution | Read More at Article Source

Share This