Comcast beats earnings expectations as media revenue offsets weakness in connectivity
What happened
- Comcast beat Wall Street’s third-quarter earnings expectations, with media revenue offsetting weakness in connectivity and theme parks.
- Peacock posted its second quarterly profit, with $261 million in adjusted EBITDA on $1.8 billion in revenue.
- Connectivity and platforms revenue fell 2.7% year over year; Comcast lost 144,000 domestic broadband residential customers and 274,000 cable customers.
Why it matters
The results highlight divergent performance across Comcast’s businesses as it prepares to separate NBCUniversal and Sky from its connectivity operations. Media investors and corporate-finance professionals will be focused on Peacock’s profitability, connectivity customer losses and the planned separation’s strategic rationale.
What to watch. Comcast said the separation of NBCUniversal and Sky from its core cable, wireless and business services units would take about a year.
Deal terms
The Newsroom, ranked for your desk
About ninety free sources every ten minutes, one story per event, read for you: bankers, investors, operators and students each get their own desk. Free to start.
Timeline
- EarlierOct 20Versant Unlikely To Acquire Skydance Cable Networks If They Hit The Market, CEO Mark Lazarus Says
- EarlierOct 21Comcast Planning Significant Jobs Cuts as Part of Reorganization
- EarlierOct 22Comcast Corp.: Results of operations
- EarlierOct 22Comcast’s Domestic Broadband-Subscriber Losses Continue
- First reported by CNBCOct 22Comcast beats earnings expectations as media revenue offsets weakness in connectivity
Who is involved
Sources (1)
Related
- Oct 21 · Comcast Planning Significant Jobs Cuts as Part of Reorganization
- Oct 22 · Comcast Q3: Record-Breaking ‘Odyssey’, Profitable Peacock Fuel NBCU Spinoff Momentum
- Oct 22 · Comcast’s Domestic Broadband-Subscriber Losses Continue
- Oct 22 · Comcast Corp.: Results of operations
- Oct 20 · Versant Unlikely To Acquire Skydance Cable Networks If They Hit The Market, CEO Mark Lazarus Says
- Oct 19 · Mediacom hires group VP of strategic insights and analytics
The Newsroom, ranked for your desk
About ninety free sources every ten minutes, one story per event, read for you: bankers, investors, operators and students each get their own desk. Free to start.
- Why it matters to youEvery story matched to your watchlist, your contacts and your pipeline.
- Follow developing storiesAn alert, and a push, the moment a story you follow moves.
- Your briefing, read aloudA few minutes each morning with a chapter per story.
- Brief modeSwipe through the day, a 20-second card each.