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Comcast Q2 Profit Declines, But Results Top Estimates

RTTNews 2020-07-30 07:41:00

Comcast Corp. (CMCSA,CMCSK) on Thursday reported a 4 percent decline in profit for the second quarter from last year, hurt by revenue declines across its operating segments. Adjusted earnings per share and revenues for the quarter topped analysts' expectations.

In the pre-market trade, CMCSA is trading at $44.94, up $1.04 or 2.37 percent.

Net income attributable to Comcast for the quarter decreased to $2.99 billion or $0.65 per share from $3.13 billion or $0.68 per share in the year-ago quarter. Excluding items, adjusted earnings for the quarter were $0.69, compared to $0.78 per share in the prior-year quarter.

On average, 28 analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter declined 11.7 percent to $23.72 billion from $26.86 billion in the same quarter last year. Analysts had a consensus revenue estimate of $23.57 billion for the quarter.

Revenue for Cable Communications edged down 0.2 percent to $14.43 billion in the quarter, reflecting increases in high-speed internet, wireless and business services revenue, offset by decreases in video, advertising, voice and other revenue.


Revenue for NBCUniversal also decreased 25.4 percent to $6.12 billion from last year.

Cable Networks revenue declined 14.7 percent to $2.5 billion, reflecting lower distribution revenue and advertising revenue, partially offset by higher content licensing and other revenue.

Filmed Entertainment revenue decreased 18.1 percent to $1.2 billion, primarily reflecting lower theatrical revenue and other revenue, partially offset by higher content licensing revenue.

Broadcast Television revenue decreased 1.6 percent to $2.4 billion, reflecting lower advertising revenue, partially offset by higher content licensing revenue and distribution and other revenue.

Revenue for Sky decreased 15.5 percent to $4.1 billion from last year. Excluding the impact of currency, revenue decreased 12.9 percent, driven by lower direct-to-consumer revenue, advertising revenue and content revenue.

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