Comcast Corp. (CMCSA,CMCSK) on Thursday reported a profit for the third quarter compared to a loss last year, reflecting revenue growth as well as lower costs and expenses. Both adjusted earnings per share and quarterly revenues topped analysts’ expectations.
However, the company’s stock is trading in Thursday’s regular session on Nasdaq at $39.73, down $3.02 or 7.06 percent after surprise broadband and video customer net losses in the quarter.
For the third quarter, net income attributable to Comcast was $4.05 billion or $0.98 per share, compared to a net loss of $4.60 billion or $1.05 per share in the year-ago quarter. Excluding items, adjusted earnings for the quarter were $1.08, compared to $0.96 per share in the prior-year quarter.
On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $0.95 per share for the quarter. Analysts’ estimates typically exclude special items.
Revenue for the quarter edged up 0.9 percent to $30.12 billion from $29.85 billion in the same quarter last year. Analysts had a consensus revenue estimate of $29.71 billion for the quarter.
Revenue for Connectivity & Platforms increased 1.1 percent to $20.27 billion in the quarter. Total Customer Relationships increased by 40,000 to 52.32 million and total domestic broadband customer net losses were 18,000, total domestic wireless line net additions were 294,000 and total domestic video customer net losses were 490,000.
Revenue for Residential Connectivity & Platforms edged up 0.7 percent to $17.95 billion from last year.
Business Services Connectivity revenue increased 4.7 percent to $2.32 billion, amid increase in revenue from small business customers, driven by higher average rates, and an increase in revenue from medium-sized and enterprise customers.
Revenue for Content & Experiences increased 0.8 percent $10.56 billion from last year, with Media revenue edging up 0.4 percent to $6.03 billion and Theme Parks revenue growing 17.2 percent to $2.42 billion from last year, while Studios revenue decreased 23.6 percent to $2.52 billion, primarily due to lower content licensing revenue and theatrical revenue.
Separately, Comcast also announced that its Board of Directors declared a quarterly dividend of $0.29 a share on the company’s common stock, payable on January 24, 2024, to shareholders of record as of the close of business on January 3, 2024.
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