Comcast reported Q3 revenues of $25.5 billion, a 4.8% fall from the comparable quarter of 2019, but above expected $24.74 billion, according to the company’s press release. Q3 revenue rise is attributed to additional high-speed internet service and growth in its new streaming service, Peacock.
- High-speed internet customers recorded a historic 633,000 net adds compared to an expected 534,000
- Broadcast television accounted for $2.4 billion revenue, up 8.3%
- Cable communications accounted for $15 billion of total revenue, a 2.9% jump year over year
- Cable networks accounted or $2.7 billion revenue, down 1.3%
- Capital expenditures fell 4.9% to $2.4 billion in Q3 2020, while free cash flow was $2.3 billion.
- Filmed entertainment generated $1.3 billion of revenue, down 25%
- Earnings per share (EPS) is $0.44, down 37.1% from the comparable quarter of 2019, while adjusted EPS fell 17.7% to $0.65
- Theme parks suffered the most during the pandemic generating $311 million in revenue, down 80.9%
Comcast stock rose 2.4% in premarket following the earnings release. CMCSA: NASDAQ is up on premarket 4.22%