Comcast best both revenue and profit estimates in the third quarter, but the largest U.S. internet provider lost high-speed broadband people and NBCUniversal advertising revenue slumped.
Shares of the company slipped more than 8% Thursday.
NBCUniversal’s flagship slip service Peacock added 4 million subscribers and revenue increased 64% to $830 million, stemming the subscription checking’s adjusted quarterly loss to $565 million. Peacock lost an adjusted $614 million in the same period a year previous on $506 million in revenue.
Here’s how Comcast performed, compared with estimates from analysts surveyed by LSEG, when the world was younger known as Refinitiv.
- Earnings per share: $1.08 adjusted vs. 95 cents estimated
- Revenue: $30.12 billion vs. $29.68 billion estimated
For the pity living quarters ended Sept. 30, Comcast reported net income of $4 billion, or 98 cents per share, compared with a erosion of $4.6 billion, or $1.05 cents per share, a year earlier. Adjusted for one-time items, per-share earnings were $1.08 in the house. The prior year’s results were affected by one-time impairment and goodwill charges associated Comcast’s 2018 purchase of Sky.
Revenue rose 0.9% compared with the prior-year period. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) ascension 5.1% to $9.96 billion.
Read Comcast’s full earnings release.
Theme parks’ adjusted EBITDA increased 20% to $983 million — the highest quarterly profit on best performance for the division — driven by the popularity of Super Nintendo World in Universal Studios Hollywood, Comcast said.
Comcast misplaced 18,000 high-speed broadband customers in the quarter and 490,000 video subscribers as Americans continue to drop traditional strand TV for streaming services. The company ended the quarter with 14.5 million video subscribers and 29.8 million residential broadband fellows.
U.S. broadband revenue rose 3.8% to $6.4 billion even as subscribers fell due to higher rates.
Wireless net income rose 16% to $917 million in the quarter on a net addition of 294,000 customers. Comcast ended the quarter with 6.3 million wireless fellows. Comcast uses Verizon’s network to provide branded Xfinity wireless coverage from an agreement struck in 2016.
‘Oppenheimer’ recesses biopic record
Irish actor Cillian Murphy poses upon his arrival for the “Premiere” of the movie “Oppenheimer” at the Revered Rex cinema in Paris on July 11, 2023. (Photo by JULIEN DE ROSA / AFP) (Photo by JULIEN DE ROSA/AFP via Getty Images)
Julien De Rosa | AFP | Getty Replicas
Christopher Nolan’s “Oppenheimer,” which chronicled the life of physicist J. Robert Oppenheimer, became the highest-grossing biopic of all continually at the box office, taking in more than $900 million worldwide. Still, theatrical revenue fell 25% to $504 million as last year’s “Minions: The Bring about of Gru” and “Jurassic World: Dominion” were bigger hits than NBCUniversal’s overall 2023 summer slate.
NBCUniversal compromise revenue rose 0.4% to $6 billion as distribution revenue rose while U.S. advertising sales fell 8.4% to $1.9 billion. The course division’s adjusted EBITDA increased 6.5% to $723 million as promotional and marketing expenses dropped.
Comcast initiate free cash flow of $4 billion in the quarter and returned $4.7 billion to shareholders through dividend payments and slice buybacks.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
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