قالب وردپرس درنا توس
Home / Business / Comcast’s (CMCSA) third quarter 2020 earnings exceed expectations

Comcast’s (CMCSA) third quarter 2020 earnings exceed expectations



Comcast CEO Brian Roberts

David A. Grogan | CNBC

Comcast (Comcast) announced its third-quarter earnings on Thursday, and its earnings and earnings exceeded analysts’ expectations.

Comcast also reported that the net customer growth of high-speed Internet services was better than expected, and that its new streaming service “Peacock”

; has grown further.

After the earnings report, the stock rose 2.4% in pre-market trading.

This is the key figure:

  • Earnings per share: 65 cents after adjustment According to Refinitiv’s survey of analysts, it is expected to be 52 cents
  • income: According to Refinitiv’s data, it is estimated to be 25.53 billion U.S. dollars, compared to 24.74 billion U.S. dollars.
  • High-speed Internet customers: According to FactSet’s data, the net increase is 633,000, while the expected net increase is 534,000

NBCUniversal’s “Peacock” now has nearly 22 million registered users. The service offers free and paid options, and when Comcast last announced its earnings in July, there were 10 million registered users. Comcast stated in its report that “Peacocks are proving to be a differentiating factor for customers considering Xfinity broadband and are also improving customer churn.”

Comcast said: “The Peacock has exceeded all internal participation indicators and has not benefited from the Olympic Games or content like Office (January 2021).”

The company reported its best quarterly customer performance in its history, adding more than 633,000 high-speed Internet customers. Comcast reported that, compared with the entire year of 2019, cable television added more broadband customers in the first nine months of this year, including nearly 1 million customers in the second and third quarters.

Comcast said its Sky division in Europe continues to add more expensive customers and reduce customer churn. The return of sporting events partially strengthened its quarterly strength, including the record-setting Premier League Sky Sports ratings.

Comcast’s theme park business, which is part of its NBCUniversal division, suffered the most during the pandemic, as business closures and capacity constraints put revenue pressure on it.

According to the report, revenue from theme parks fell nearly 81% to US$311 million. Comcast said that excluding theme parks, NBCUniversal’s profit before interest, tax, depreciation and amortization increased by 9% year-on-year.

California has been closing theme parks in accordance with strict reopening guidelines, allowing theme parks to resume operations only after the county’s Covid infection rate is below one case per 100,000 residents. Universal Studios’ parks in Florida and Japan have been able to reopen with limited capacity.

During the pandemic, film entertainment was also affected, which interrupted film production and theater premieres. Revenue in this sector fell by 25% to $1.3 billion. The decline in theater income was partially offset by the increase in licensing and family entertainment income, including the “Troll World Tour” released by the family.

Comcast’s Universal Pictures (Universal Pictures) reached a deal with AMC Studios in July that could help change the way consumers behave during the pandemic. According to the agreement, AMC will show Universal Movies in its theaters, but it shortens the time that Universal Movies can bring movies to consumers on demand.

This is Comcast’s business performance this quarter:

  • Wired communications revenue totaled 15 billion US dollars, an increase of 2.9%
  • Wired network accounted for US$2.7 billion in total revenue, down 1.3%
  • The total revenue of radio and television was 2.4 billion US dollars, an increase of 8.3%
  • The total revenue of the movie entertainment business was US$1.3 billion, a drop of 25%
  • The total revenue of theme parks was 311 million US dollars, down 80.9%

Disclosure: Comcast is the owner of NBCUniversal, CNBC’s parent company.

Subscribe to CNBC on YouTube.

Watch: Why Quibi closed after only six months of fighting the streaming war: CNBC business hours


Source link