- Comcast’s revenue from all three business segments tops analysts’ estimates in Q3.
- The U.S. firm reports £19.78 billion of revenue and 50.37 pence of adjusted EPS.
- Comcast forecasts its theme-park segment to break even before the start of 2022.
Comcast Corp. (NASDAQ: CMCSA) said on Thursday that its revenue from all three business segments came in higher than expected in the fiscal third quarter. The American telecommunications conglomerate had also topped Wall Street estimates in the prior quarter (Q2).
Cable communications and high-speed internet, Comcast said, added 556 thousand and 633 thousand new customers in the third quarter, respectively. Total video subscribers, on the other hand, reduced to 273 thousand. Earlier in October, Comcast announced RISE initiative that aims to strengthen Black-owned business.
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Comcast’s Q3 financial results versus analysts’ estimates
According to FactSet, experts had forecast the telecommunications conglomerate to print £19.17 billion of total revenue in the fiscal third quarter. Their estimate for per-share earnings was capped at 40.29 pence. In its report on Thursday, Comcast topped both estimates posting a higher £19.78 billion of revenue and 50.37 pence of adjusted earnings per share in Q3.
In comparison, the U.S. firm had recorded £20.78 billion of revenue and 61.22 pence of adjusted EPS in the third quarter of last year.
At £11.62 billion, overall revenue from cable communications was higher than £11.31 billion in the same quarter last year. FactSet Consensus for revenue from cable communications stood at a lower £11.39 billion.
Revenue from NBC Universal printed at £5.21 billion in the third quarter versus the year-ago figure of £6.43 billion. It was, however, better than the analysts’ estimate of £5.01 billion. Within this segment, Comcast generated £241 million of revenue from theme-parks as compared to £1.26 billion last year. The Philadelphia-based company forecasts its theme-park segment to break even before the start of 2022.
Other prominent figures in Comcast’s earnings report
Other prominent figures in Comcast’s earnings report on Thursday include £3.71 billion of revenue from Sky European TV business versus a lower £3.53 billion in the comparable quarter of last year. Analysts had predicted £3.27 billion for third-quarter from this segment.
Shares of the company were reported about 0.5% up in premarket trading on Thursday and jumped another 3% in the later hours. At £33.62 per share, Comcast is now roughly 4% down year to date in the stock market. In March, the stock had plummeted to as low as £25 per share due to COVID-19 disruptions.
At the time of writing, the American telecommunications conglomerate has a market cap of £153.72 billion and a price to earnings ratio of 17.41.