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Oct. 28, 2021, 10:57 a.m. EDT

Comcast Beats on Earnings, Shares Flat

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Oct 28, 2021 (Baystreet.ca via COMTEX) -- Comcast /zigman2/quotes/209472081/composite CMCSA +0.78% reported third-quarter earnings results before the bell Thursday that beat analyst expectations on the top and bottom line. The company saw slight growth in new broadband internet customers amid prior warnings from company executives.

Earnings checked in at $0.87 per share, adjusted, vs. $0.75 per share in the prior-year quarter as expected by analysts. Revenue was $30.30 billion, vs. $29.87 billion as analysts expected.

High-speed internet customers: 300,000 net additions, vs. 296,000 as analysts expected

Comcast CFO Michael Cavanagh warned in September that the company expects lower broadband additions, a move that briefly sent the company's stock down. Analysts have adjusted their forecasts.

Comcast did not report sign-ups for Peacock. The streaming service, which offers both paid and free options to customers, had 54 million sign-ups as of July.

Third-quarter metrics indicated 19% year-over-year growth. Analysts expected 17% year-over-year revenue growth, according to Refinitiv.

NBCUniversal saw roughly 58% revenue growth in the third quarter, which included more than $1.8 billion in revenue from the Tokyo Olympics.

Studio revenue increased 27%, which the company attributed to releases like "F9" and "The Boss Baby: Family Business."

In the year-ago quarter, revenue for that segment fell by 25% as Covid-19 impacted productions.

Revenue from the company's Europe-based Sky division was up 4.1%, but customer relationships dropped by 233,000 to 23 million. The company chalked that decrease up to reduced broadcasting rights to Serie A, a league competition for the top football clubs in Italy.

Comcast shares dipped four cents to $52.40

COMTEX_395959951/2559/2021-10-28T10:57:17

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

/zigman2/quotes/209472081/composite
US : U.S.: Nasdaq
$ 51.68
+0.40 +0.78%
Volume: 18.79M
Jan. 14, 2022 4:00p
P/E Ratio
16.64
Dividend Yield
1.93%
Market Cap
$236.12 billion
Rev. per Employee
$677,125
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