Comcast Layoffs 2024: What to Know About the Latest CMCSA Job Cuts

Layoffs and Workforce Reduction - Comcast's Sky division is laying off approximately 1,000 employees, which represents about 4% of its workforce [1] - The layoffs are primarily affecting engineering and installation roles due to the shift from satellite dish services to internet streaming [2] - This follows a previous round of layoffs in May 2023, where hundreds of workers were let go for the same reason [2] Financial Performance and Strategic Shifts - Comcast reported Q4 2023 revenue of $31.25 billion, a 2.3% increase from $30.55 billion in the previous year [3] - Adjusted EPS rose to 84 cents from 82 cents year-over-year, and free cash flow grew by 28.5% to $1.70 billion [3] - Shareholders received a dividend increase of 6.9%, bringing the annualized dividend to $1.24 [3] - Sky's shift to internet streaming is driven by customer preference, with 80% of new customers opting for streaming services [2] Acquisition and Impairment - Comcast acquired a majority stake in Sky from 21st Century Fox in 2018 for $40 billion, representing a 15x EBITDA multiple [1] - As of 2018, Comcast held over 75% of Sky's issued outstanding shares [1] - The company incurred an $8.6 billion non-cash impairment charge in October 2023, suggesting potential overpayment for the acquisition [1] Sky's Business Operations - Sky operates as a media and entertainment company in Europe, offering sports, news, video streaming, original content, and mobile connectivity [1] - The company also sells hardware like Sky Glass, Protect, and Stream, and serves 23 million customers across six countries [1]