Brian Roberts, chairman and CEO of Comcast
David A. Grogan | CNBC
Comcast reported third-quarter earnings results hours before losing analysts ’expectations at the top and bottom lines. The company has seen a slight increase in new broadband internet subscribers amid warnings from company officials.
Shares rose about 2% in the premarket
Here is what Comcast reported compared to analyst expectations:
- Earnings: According to refinitiv analysts expect $ 0.87 per share, adjusted, vs. 75 0.75
- Revenue: $ 30.30 billion, vs. $ 29.87 billion, according to analysts
- High-speed Internet subscribers: 300,000 net additions, vs. 296,000 analysts expected as per StreetAccount
Comcast added 300,000 new high-speed Internet subscribers in the third quarter. The company reported 354,000 new high-speed Internet subscribers in the second quarter, a record profit for that time, and 633,000 new subscribers in the previous quarter.
Michael Cavanaugh, CFO of Comcast, warned in September that the company expects low broadband additions, a move that has briefly sent the company’s stock down. Analysts have adjusted their forecasts.
Sign-ups for NBCUniversal’s Peacock are being watched by other metric analysts. The platform had 22 million sign-ups in the previous quarter of the year and 54 million as of July. Comcast did not share updated sign-up for Peacock. The streaming service offers customers both paid and free options.
The third-quarter metrics indicate a 19% year-over-year growth. According to Refinitive, analysts expected revenue growth of 17% year-on-year.
NBCU Universal saw revenue growth of about 58% in the third quarter, dropping more than $ 1.8 billion in revenue from the Tokyo Olympics. Studio revenue rose 27%, which the company attributed to releases such as “F9” and “The Boss Baby: Family Business.”
In the first quarter of a year ago, the company lost 25% of its revenue due to the impact of Covid-19 production.
Theme Park’s revenue reached তৃতীয় 1.4 billion in the third quarter as nationwide lockdowns eased. These businesses were originally closed a quarter of a year ago or were strictly subject to reopening guidelines.
Executives will discuss the results and issue guidelines in a conference call starting at 8:30 p.m.
Disclosure: Comcast is the owner of NBCUniversal, CNBC’s parent company
This story is evolving.