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Comcast beats earnings estimates despite more broadband subscriber losses
Broadband growth has stalled due to competition, with Comcast reporting 8.5 million mobile customers and planning a cable network spinoff to focus on mobile and media assets.
- On Oct 30, Comcast reported third-quarter earnings, with $31.20 billion revenue and $1.12 adjusted earnings per share beating Wall Street investors' forecasts.
- Facing competition from 5G and fixed wireless competitors, Comcast lost 104,000 broadband customers in July-September, prompting initiatives earlier this year.
- Mobile expansion helped, as Comcast reached 8.5 million mobile customers and added 414,000 wireless phone subscribers, while Peacock streaming service held 41 million paid subscribers.
- Comcast is nearing a spinoff of cable networks including CNBC, with Versant becoming CNBC's parent by year-end while NBCUniversal's NBA coverage this month will raise costs starting in the fourth quarter.
- Amid investor pressure, shares are down roughly 30% in the last year as Comcast has explored acquiring Warner Bros. Discovery assets to benefit parks and Peacock.
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6 Articles
Comcast tops third-quarter estimates on 'Jurassic World', theme park boom
Comcast surpassed Wall Street expectations for quarterly results on Thursday, thanks to the growing popularity of its theme parks and strong box office returns from its latest "Jurassic World" movie.
·United Kingdom
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Coverage Details
Total News Sources6
Leaning Left2Leaning Right0Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 33%
C 67%
Factuality
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