From CNBC: 2024-04-25 11:24:55

Comcast beat first-quarter earnings expectations with earnings per share of $1.04 and revenue of $30.06 billion. Net income rose to $3.86 billion, but the company lost 65,000 customers. Comcast’s stock fell 6% as customer additions slowed. Theme parks and media businesses struggled, but Peacock added three million paid subscribers and grew revenue by 54%.

Cable broadband companies, including Comcast, have struggled with slowing customer additions due to high interest rates affecting new home internet connections. The market is competitive, especially for cost-conscious consumers. Comcast launched a low-cost internet and phone plan program called NOW, in addition to its Internet Essentials option for low-income customers. Broadband affordability is also impacted by the expected end of the federal government’s Affordable Connectivity Program.

Comcast’s theme parks saw a drop in adjusted EBITDA due to increased expenses, while the media business reported declining earnings. Universal Pictures had success with films like “Oppenheimer” and “The Holdovers.” Peacock added 3 million paid subscribers, boosted by “Oppenheimer” exclusivity. The platform is expected to have pricing power in the future despite Peacock losses peaking in 2023, with improvement expected in upcoming quarters.



Read more at CNBC: Comcast (CMCSA) earnings Q1 2024