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COMCAST CORPORATION

(CMCSA)
  Report
Delayed Nasdaq  -  04:00:00 2023-01-26 pm EST
40.41 USD   +0.77%
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Comcast quarterly revenue beats but broadband, advertising growth muted

10/27/2022 | 07:05am EST
FILE PHOTO: The Comcast NBC logo is shown on a building in Los Angeles, California

(Reuters) - Comcast Corp's third-quarter revenue edged past Wall Street's expectations on Thursday, thanks to a steady rebound in its theme parks and studios businesses, but sluggish broadband subscriber growth and a decline in advertising sales continue to weigh on the media company.

Comcast added 14,000 broadband customers in the quarter, compared to the hundreds of thousands it gained at the peak of the pandemic, due to competition from telecom giants such as Verizon and T-Mobile US Inc that have been promoting attractive offers on wireless and internet plans to price-conscious Americans who are grappling with inflation.

The company's media unit, NBCUniversal, reported a 35.1% drop in advertising sales, compared to the same quarter a year ago when it broadcast the Olympics and Super Bowl. It reported 15 million paid subscribers for its Peacock streaming service, up from 13 million in the previous quarter.

Total company revenue fell 1.5% to $29.85 billion in the quarter, compared with estimates of $29.65 billion, according to Refinitiv data.

Net loss attributable to Comcast was $4.6 billion, or $1.05 per share, compared with a profit of $4.04 billion, or 86 cents per share, a year earlier.

The net loss was partly due to an $8.6 billion goodwill impairment charge in its UK pay-TV company, Sky. The charge is due to the current fair market value of Sky that it is operating in a European market riddled with political uncertainty, record-high interest rates and an energy crisis.

However, excluding items, Comcast earned 96 cents per share.

Comcast's studios business' profit tripled to $537 million in the quarter, driven by the success of films such as "Jurassic World: Dominion" and "Minions: The Rise of Gru".

NBCUniversal's theme parks division generated $2.06 billion in revenue, versus $1.45 billion a year ago.

(Reporting by Eva Mathews in Bengaluru and Helen Coster in New York; Editing by Chris Reese)

By Eva Mathews and Helen Coster


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
COMCAST CORPORATION 0.77% 40.41 Delayed Quote.15.56%
T-MOBILE US 0.42% 148.69 Delayed Quote.6.21%
VERIZON COMMUNICATIONS -0.15% 40.27 Delayed Quote.2.36%
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Analyst Recommendations on COMCAST CORPORATION
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Financials (USD)
Sales 2022 121 B - -
Net income 2022 5 354 M - -
Net Debt 2022 88 856 M - -
P/E ratio 2022 33,5x
Yield 2022 2,67%
Capitalization 175 B 175 B -
EV / Sales 2022 2,17x
EV / Sales 2023 2,21x
Nbr of Employees 189 000
Free-Float 82,2%
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Mean consensus OUTPERFORM
Number of Analysts 36
Last Close Price 40,41 $
Average target price 43,01 $
Spread / Average Target 6,43%
EPS Revisions
Managers and Directors
Brian L. Roberts Chairman & Chief Executive Officer
Michael J. Cavanagh President
Jason S. Armstrong Chief Financial Officer & Treasurer
Jeff Votaw Vice President-Engineering
Candy Lawson Chief Compliance Officer & Senior Vice President
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