Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Comcast quarterly revenue beats but broadband, advertising growth muted

Economy Oct 27, 2022 09:46AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The Comcast NBC logo is shown on a building in Los Angeles, California, U.S. June 13, 2018. REUTERS/Mike Blake
 
CMCSA
-2.77%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
VZ
-0.77%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TMUS
-1.20%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Eva Mathews and Helen Coster

(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 (NASDAQ:CMCSA) 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 that have been promoting attractive offers on wireless and internet plans to price-conscious Americans.

On a call with investors Thursday, Comcast executives acknowledged the impact of rising inflation and said they expected media growth to be impacted by pay-TV cord cutting, a pullback in advertising spend and higher costs related to the broadcast of the upcoming World Cup soccer tournament.

The media giant also expects to take a hit to its cable networks from the damage caused by Hurricane Ian, including broadband customer losses.

Comcast'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 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.

However, excluding items, Comcast earned 96 cents per share, beating expectations of 90 cents.

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".

Shares were up 8% Thursday.

Comcast quarterly revenue beats but broadband, advertising growth muted
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email