Comcast Corp (NASDAQ: CMCSA)
Comcast reported upbeat quarterly profit and revenue several weeks after losing a bidding war for 21st Century Fox assets to Walt Disney. The U.S. entertainment company said 2018 third-quarter profit and revenue rose 9.3% and 5%, respectively.
During the quarter, NBCUniversal unit posted revenues of $8.63 billion, up 8% from a year earlier. Cable networks unit generated revenue of 13.79 billion, while cable communications business brought in $2.88 billion in revenues.
Shares of Comcast were up 5.5% in before the opening bell on Thursday after impressing its investors with the solid results.
CMCSA Earnings & Outlook
The cable provider reported third-quarter net income of $2.89 billion, or $0.62 on per share basis, compared with $2.64 billion, or $0.55 per share, in the same period last year.
Adjusted earnings were $0.65 per share for the quarter, exceeding expectations of $0.61 by analysts polled by Refinitiv. Comcast generated $22.14 billion in revenues during the period, representing an increase of 5% on a year-over-year basis.
Refinitiv poll was for 3Q2018 revenues of $21.819 billion. The company’s Film segment had revenues of $1.82 billion during the quarter, while Broadcast television segment posted revenues of $2.45 billion.
The number of high-speed internet customer grew 70% to 363,000 during the quarter. However, the company lost 106,000 video customer and 35,000 voice customer for the period.
Comcast CEO Comments
Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, commented, “This is an exciting and important time in Comcast’s history. To highlight a few of the achievements in our businesses this quarter, Comcast Cable’s EBITDA growth was the fastest in six years, and customer relationship growth accelerated, driven by the best broadband net additions for a third quarter in ten years.”
“At NBCUniversal, our TV businesses continued their strong performance. NBC finished the 52-week season ranked #1 in total viewers for the first time in 16 years and #1 in adults 18-49 for the fifth consecutive season, and is off to a great start in the new season. Our recently completed acquisition of Sky is transformative for our company, helping create a unique global leader in media, technology, television and broadband.”
Comcast Corp. Company Profile
Comcast Corp. is a media, entertainment, and communications company, which engages in the provision of video, Internet, and phone services. It operates through the following segments: Cable Communications, Cable Networks, Broadcast Television, Filmed Entertainment, Theme Parks, and Corporate and Other.
The Cable Communications segment provides video, Internet, voice, and security and automation services under the Xfinity brand. The Cable Networks segment consists of national cable networks, regional sports, news networks, international cable networks, and cable television studio production operations.
The Broadcast Television segment includes NBC and Telemundo broadcast networks. The Filmed Entertainment segment involves in the production, acquisition, marketing, and distribution of filmed entertainment. The Theme Parks segment consists of Universal theme parks in Orlando, Florida; Hollywood, California; and Osaka, Japan.
The Corporate and Other segment includes operations of other business interests, primarily of Comcast Spectacor. The company was founded by Ralph J. Roberts in 1963 and is headquartered in Philadelphia, PA. – CNN Money
