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HomeBusinessComcast beats analysts estimates in earnings, revenue, stock rises, falls, CWEB analyzes...

Comcast beats analysts estimates in earnings, revenue, stock rises, falls, CWEB analyzes results

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Comcast (CMCSA) posted its quarterly report on Thursday. The entertainment and media giant beat analysts’ expectations, reporting higher earnings and revenue. The stock rose briefly but fell by more than 6 percent mid-morning. Comcast lost more than expected broadband subscribers. Although Peacock’s streaming channel posted better-than-expected results, it still posted losses, bringing down Comcast’s stock. CWEB analyzes the slow growth of stock as Comcast has stiff competition in streaming services.

Comcast posted $1.04 adjusted earnings per share, while LSEG analysts estimated an EPS of 99 cents. The company also posted higher revenue at $30.06 billion, while analysts expected $29.81 billion.

Although Comcast lost 65,000 customers in the quarter ending March 31, its domestic broadband revenue grew as rates increased. Its wireless business saw a 21 percent increase in customers while it lost 487,000 cable TV customers. More customers are cutting cable and migrating to streaming services.

XMicro.com

Earnings from theme parks and media businesses such as NBCUniversal and studios fell. Peacock, the streaming service under NBCU, saw an increase of three million subscribers and a 54 percent increase in revenue compared with the same quarter last year.

Losses from Peacock continue to weigh on Comcast, although its EBITDA loss was $639 million this quarter, less than the $704 million EBITDA loss in the same quarter in 2023.

Peacock is improving its revenue after streaming Oppenheimer, which became the most-watched movie in its short history.

Comcast faces intense competition in the streaming services market as Verizon, T-Mobile, and AT&T continue offering new subscription plans and adding subscribers.

OrganicGreek.com

CWEB reported Verizon’s position quarter results days ago, and the company shares rose as its discounted packages for Netflix and Max services helped it retain subscribers in a period following the holiday quarter where the industry sees significant losses. Peacock faces competition from these streaming platforms and must soon turn profitable to stop dragging down Comcast revenues.

CWEB analyzes Comcast as a hold as its streaming service Peacock is growing. It will also open its theme park, Epic Universe, in Orlando in 2025. The scheduled opening is expected to boost Comcast’s revenues.

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