Comcast (CMCSA) reported first-quarter 2024 adjusted earnings of $1.04 per share, which beat the Zacks Consensus Estimate by 6.12% and increased 13% year over year.Consolidated revenues increased 1.2% year over year to $30.05 billion and beat the Zacks Consensus Estimate by 1.12%.Domestic broadband average rate per customer increased 4.2% and drove domestic broadband revenue growth of 3.9% to $6.6 billion in the first quarter.Comcast lost 65K domestic broadband customers in the reported quarter. Moreover, i ...

Group 1: Financial Performance - Comcast reported total revenue of $30.06 billion, exceeding analyst expectations of $29.81 billion [2] - Revenue from the Peacock streaming service rose approximately 54% year-over-year, contributing to the overall revenue growth [1] Group 2: Subscriber Growth - Peacock added 3 million subscribers in the first quarter, bringing its total to 34 million, surpassing estimates of 2.32 million [1] - The growth was driven by significant investments aimed at enhancing competitiveness against Netflix and Disney+ [1] Group 3: Challenges in Broadband Market - Comcast faced competitive pressure in the broadband market, losing 65,000 broadband customers in the January-March quarter, which was worse than the estimated loss of 49,000 [2] - Analysts anticipate further broadband losses due to the expiration of the Affordable Connectivity Program (ACP) funding [2] Group 4: Theme Parks Performance - The theme parks segment benefited from successful launches, including Super Nintendo World in Japan [4] - Comcast is investing in the Epic Universe theme park at Universal Orlando Resort, expected to open by summer 2025, to drive future growth [4]

Investors think Comcast is a sell today, but they may be wrong about that.Cable internet giant Comcast (CMCSA -6.71%) stock slipped 6% through 11:11 a.m. ET Thursday despite the company reporting better than expected sales and earnings for the first quarter of 2024.Analysts had forecast the communications company would earn only $0.99 per share (non-GAAP, or adjusted) on sales of $29.8 billion in Q1, but Comcast surprised to the upside with $1.04 per share in earnings and sales of $30.1 billion. Yet its sto ...

Comcast Corporation (NASDAQ:CMCSA) Q1 2024 Earnings Conference Call April 25, 2024 8:30 AM ET Company Participants Brian Roberts - Chairman, Chief Executive Officer Mike Cavanagh - President Jason Armstrong - Chief Financial Officer Dave Watson - President, Chief Executive Officer, Comcast Cable Marci Ryvicker - Executive Vice President, Investor Relations Conference Call Participants Ben Swinburne - Morgan Stanley Craig Moffett - Moffet Nathanson Jessica Reif Ehrlich - Bank of America Securities John Hodu ...

Comcast (CMCSA) reported $30.06 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 1.2%. EPS of $1.04 for the same period compares to $0.92 a year ago.The reported revenue represents a surprise of +1.12% over the Zacks Consensus Estimate of $29.73 billion. With the consensus EPS estimate being $0.98, the EPS surprise was +6.12%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine the ...

Key TakeawaysComcast beat analyst estimates for first-quarter revenue and profit as its mobile service division and Peacock added subscribers in the period.However, cable and broadband each lost customers, continuing the downward trend for each of the divisions.Despite the earnings beat, shares fell after the opening bell Thursday. Comcast (CMCSA) beat analyst estimates for first-quarter revenue and profit Thursday but shares fell as cable and broadband subscriber numbers continued to decline. The company g ...

Comcast (CMCSA) came out with quarterly earnings of $1.04 per share, beating the Zacks Consensus Estimate of $0.98 per share. This compares to earnings of $0.92 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.12%. A quarter ago, it was expected that this cable provider would post earnings of $0.80 per share when it actually produced earnings of $0.84, delivering a surprise of 5%.Over the last four quarters, the company has s ...

Core Insights - Comcast's first quarter results exceeded Wall Street expectations, with Peacock reaching 34 million subscribers but facing increased programming costs that impacted profits in the Media unit [1] Group 1: Financial Performance - Total revenue increased by 1% to $30.1 billion, with adjusted earnings per share rising to $1.04 from 92 cents in the same period last year [1] - The Media division, which includes Peacock, saw a nearly 4% revenue gain to $6.4 billion, but higher operating expenses led to wider losses, with adjusted EBITDA falling 6% to $827 million [1] - Peacock generated $1.1 billion in revenue, a 54% increase year-over-year, while losses narrowed to $639 million from $704 million a year ago [1] - Domestic advertising revenue remained flat at $2.025 billion, primarily due to lower revenue from linear networks, offset by Peacock's revenue increase [1] Group 2: Studios Division Performance - Revenue in the Studios division decreased by 7% to $2.7 billion, with profit declining by 12%, despite strong theatrical revenue from titles like Kung Fu Panda 4 and Migration [2] - Content licensing revenue fell during the period, mainly due to the timing of theatrical titles reaching other distribution windows [2] Group 3: Pay-TV and Broadband - The company continued to experience a steady decline in video losses, with a loss of 487,000 residential video customers during the period [2]

[Executive Summary & Q1 2024 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q1%202024%20Highlights) Comcast's Q1 2024 delivered strong Adjusted EPS and free cash flow growth, significant shareholder returns, and robust segment performance [Q1 2024 Overview](index=1&type=section&id=Q1%202024%20Overview) Comcast achieved solid Q1 2024 results with double-digit Adjusted EPS and free cash flow growth, significant shareholder returns, and strong performance in connectivity and content - CEO Brian L. Roberts highlighted strong execution in a dynamic market, achieving **double-digit growth in Adjusted EPS and free cash flow**, while returning **$3.6 billion** to shareholders[1](index=1&type=chunk) | Metric | 2024 ($ in millions) | 2023 ($ in millions) | Change (%) | |:-------------------------------------|:---------------------|:---------------------|:-----------| | Revenue | $30,058 | $29,691 | 1.2% | | Net Income Attributable to Comcast | $3,857 | $3,834 | 0.6% | | Adjusted Net Income | $4,171 | $3,877 | 7.6% | | Adjusted EBITDA | $9,355 | $9,415 | (0.6%) | | Earnings per Share | $0.97 | $0.91 | 6.5% | | Adjusted Earnings per Share | $1.04 | $0.92 | 13.9% | | Net Cash Provided by Operating Activities | $7,848 | $7,228 | 8.6% | | Free Cash Flow | $4,538 | $3,800 | 19.4% | [Q1 2024 Highlights](index=1&type=section&id=Q1%202024%20Highlights) Q1 2024 highlights include significant Adjusted EPS and Free Cash Flow growth, increased shareholder returns, improved Connectivity & Platforms margins, and strong Peacock subscriber and film success - Adjusted EPS increased **13.9% to $1.04**, and Free Cash Flow reached **$4.5 billion**[2](index=2&type=chunk) - Total return of capital to shareholders increased **13.5% to $3.6 billion**, comprising **$1.2 billion in dividends** and **$2.4 billion in share repurchases**[2](index=2&type=chunk) - Connectivity & Platforms Adjusted EBITDA increased **1.5% to $8.2 billion**, with Adjusted EBITDA Margin expanding **30 basis points to 40.5%**[2](index=2&type=chunk) - Domestic Broadband Average Rate Per Customer grew **4.2%**, contributing to a **3.9% increase in Domestic Broadband Revenue to $6.6 billion**[2](index=2&type=chunk) - Domestic Wireless Customer Lines increased **21% year-over-year to 6.9 million**, with **289,000 net additions in Q1**[2](index=2&type=chunk) - Peacock paid subscribers surged **55% year-over-year to 34 million**, adding **3 million net subscribers in Q1**. Peacock revenue increased **54% to $1.1 billion**, with improved Adjusted EBITDA[2](index=2&type=chunk) - Film successes include 'Kung Fu Panda 4' grossing over **$480 million worldwide** and 'Oppenheimer' becoming the most-watched Pay 1 movie in Peacock's history[2](index=2&type=chunk) [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) Comcast's consolidated results show revenue growth, improved profitability per share, a slight decrease in capital expenditures, and strong increases in operating and free cash flow [Overview of Consolidated Results](index=2&type=section&id=Overview%20of%20Consolidated%20Results) Consolidated revenue increased 1.2%, Adjusted Net Income grew 7.6%, and both EPS and Adjusted EPS showed positive growth, indicating improved per-share profitability - Consolidated revenue increased **1.2%** compared to the prior year period[3](index=3&type=chunk) - Adjusted Net Income increased **7.6%**, while Net Income Attributable to Comcast was consistent[3](index=3&type=chunk) | Metric | 2024 | 2023 | Change (%) | |:--------------------|:---------|:---------|:-----------| | Earnings per Share | $0.97 | $0.91 | 6.5% | | Adjusted EPS | $1.04 | $0.92 | 13.9% | [Capital Expenditures](index=2&type=section&id=Capital%20Expenditures) Total capital expenditures decreased slightly, with Connectivity & Platforms spending less and Content & Experiences increasing investment, notably for the Epic Universe theme park | Segment | 2024 ($ in millions) | 2023 ($ in millions) | Change (%) | |:----------------------------|:---------------------|:---------------------|:-----------| | Total Capital Expenditures | $2,600 | $2,634 | (1.3%) | | Connectivity & Platforms | $1,900 | $1,975 | (3.8%) | | Content & Experiences | $676 | $651 | 3.8% | - Connectivity & Platforms' capital expenditures decreased due to lower spending on customer premise equipment, scalable infrastructure, and support capital, partially offset by higher investment in line extensions[3](index=3&type=chunk) - Content & Experiences' capital expenditures increased primarily due to significant spending on the construction of the Epic Universe theme park in Orlando, scheduled to open in 2025[3](index=3&type=chunk) [Cash Flow and Shareholder Returns](index=2&type=section&id=Cash%20Flow%20and%20Shareholder%20Returns) Q1 2024 saw strong cash flow generation, with operating activities up 8.6% and free cash flow up 19.4%, alongside $3.6 billion returned to shareholders | Metric | 2024 ($ in millions) | 2023 ($ in millions) | Change (%) | |:-------------------------------------|:---------------------|:---------------------|:-----------| | Net Cash Provided by Operating Activities | $7,848 | $7,228 | 8.6% | | Free Cash Flow | $4,538 | $3,800 | 19.4% | - Comcast paid **$1.2 billion in dividends** and repurchased **56.0 million shares for $2.4 billion**, resulting in a total return of capital to shareholders of **$3.6 billion**[4](index=4&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) Segment performance shows consistent revenue for Connectivity & Platforms with improved EBITDA margins, while Content & Experiences saw revenue growth but a decline in Adjusted EBITDA [Connectivity & Platforms](index=2&type=section&id=Connectivity%20%26%20Platforms) Connectivity & Platforms revenue remained consistent, with Adjusted EBITDA increasing 1.5% to **$8.2 billion** and margin expanding 30 bps, driven by residential and business services | Metric | 2024 ($ in millions) | 2023 ($ in millions) | Change (%) | |:-------------------------------------|:---------------------|:---------------------|:-----------| | Total Connectivity & Platforms Revenue | $20,275 | $20,153 | 0.6% | | Total Connectivity & Platforms Adjusted EBITDA | $8,218 | $8,093 | 1.5% | | Total Connectivity & Platforms Adjusted EBITDA Margin | 40.5% | 40.2% | 30 bps | - Adjusted EBITDA margin for Connectivity & Platforms increased to **40.5%**, reflecting growth in both Residential and Business Services Connectivity Adjusted EBITDA[5](index=5&type=chunk) [Overall Connectivity & Platforms Performance](index=2&type=section&id=Overall%20Connectivity%20%26%20Platforms%20Performance) This section details the revenue and Adjusted EBITDA performance for Residential and Business Services Connectivity within the Connectivity & Platforms segment | Category | 2024 ($ in millions) | 2023 ($ in millions) | Change (%) | |:---------------------------------------|:---------------------|:---------------------|:-----------| | Residential Connectivity & Platforms Revenue | $17,868 | $17,869 | —% | | Business Services Connectivity Revenue | $2,407 | $2,283 | 5.4% | | Residential Connectivity & Platforms Adjusted EBITDA | $6,852 | $6,762 | 1.3% | | Business Services Connectivity Adjusted EBITDA | $1,366 | $1,332 | 2.6% | [Customer Relationships](index=3&type=section&id=Customer%20Relationships) Total Connectivity & Platforms customer relationships decreased by 166,000, primarily due to residential declines, while domestic wireless lines saw significant growth - Total Customer Relationships for Connectivity & Platforms decreased by **166,000 to 52.0 million**, primarily due to decreases in Residential Connectivity & Platforms customer relationships[7](index=7&type=chunk) | Customer Category | 1Q24 (in thousands) | 1Q23 (in thousands) | Net Additions (Losses) 2024 (in thousands) | |:---------------------------------------|:--------------------|:--------------------|:-------------------------------------------| | Domestic Residential Connectivity & Platforms Customer Relationships | 31,555 | 31,826 | (94) | | International Residential Connectivity & Platforms Customer Relationships | 17,782 | 18,051 | (65) | | Business Services Connectivity Customer Relationships | 2,634 | 2,630 | (7) | | Total Connectivity & Platforms Customer Relationships | 51,971 | 52,507 | (166) | | Total Domestic Broadband Customers | 32,188 | 32,324 | (65) | | Total Domestic Wireless Lines | 6,877 | 5,668 | 289 | | Total Domestic Video Customers | 13,618 | 15,528 | (487) | [Residential Connectivity & Platforms](index=3&type=section&id=Residential%20Connectivity%20%26%20Platforms) Residential Connectivity & Platforms revenue remained consistent, driven by broadband, wireless, and international growth, offset by video declines, with Adjusted EBITDA increasing due to lower operating expenses - Revenue for Residential Connectivity & Platforms was consistent year-over-year, driven

In this photo illustration, Comcast Corporation logo seen displayed on a tablet.Comcast will report its first-quarter earnings before the bell on Thursday, and Wall Street will be keeping an eye on subscriber on both broadband and streaming subscribers.Broadband, the cornerstone business and revenue driver for Comcast and its cable peers, will likely be the focus. After explosive broadband growth — especially during the height of the pandemic — cable companies have seen a slowdown.Here's how Wall Street exp ...