Comcast beats expectations even as broadband growth slows, Peacock racks up losses

Comcast connected Thursday reported 4th fourth net that topped expert expectations contempt persistent softness successful broadband subscriber maturation and mounting losses from its streaming service, Peacock. 

The company's top-line maturation was fueled by higher gross from its broadband and wireless businesses, arsenic good arsenic its taxable parks segment. 

Here's however Comcast performed, compared to estimates from analysts surveyed by Refinitiv:

• Earnings per share: 82 cents, adjusted, vs. 77 cents expected
• Revenue: $30.55 cardinal vs. $30.32 cardinal expected.

The Philadelphia institution reported Thursday its 4th fourth adjusted net earlier interest, taxes, depreciation and amortization declined astir 5% to $8 cardinal compared to the aforesaid play past year, peculiarly owed to higher severance expenses.

Comcast said it mislaid 26,000 full broadband customers during the period, peculiarly owed to the interaction of work interruptions from Hurricane Ian, which struck Florida and South Carolina successful September. Excluding the interaction of the hurricane, Comcast said it would person added 4,000 customers.

Yet adjacent that fig was a motion that cablegram broadband subscriber maturation has slowed – particularly compared to the aboriginal days of the pandemic. The slowdown successful subscriber maturation has been hitting the cornerstone concern of cablegram companies similar Comcast and Charter Communications successful caller quarters arsenic they look heightened contention from telecom and wireless providers.

The companies person besides said precocious that the U.S. lodging marketplace slowdown – and a declining complaint of moving betwixt homes – has contributed to the deficiency of caller customers. Still, Comcast's broadband subscriber basal has remained unchangeable and gross for the conception accrued astir 6% during the 4th owed successful portion to terms hikes. 

Comcast's Xfinity Mobile continued to turn with 365,000 nett additions successful the quarter, bringing its full wireless lawsuit number to much than 5.3 million. Mobile lawsuit maturation has remained accordant for cablegram providers since jumping into the concern successful caller years. 

The cable-TV concern mislaid 440,000 subscribers during the 4th arsenic consumers proceed to chopped their accepted TV bundles successful favour of streaming services. 

NBCUniversal saw gross summation astir 6% to astir $9.9 cardinal during the 4th quarter, buoyed by gross from the 2022 FIFA World Cup, which was aired connected its Spanish-language Telemundo TV web and Peacock. 

However, Peacock weighed connected NBCUniversal's concern – which is made up of film, tv, streaming and taxable parks – arsenic its adjusted net fell much than 36% to $817 million, owed to Peacock losses and higher severance expenses.  NBCUniversal recorded an adjusted nonaccomplishment of $978 cardinal related to Peacock compared with a nonaccomplishment of $559 cardinal successful the aforesaid play past year. 

The institution said Thursday that Peacock added 5 cardinal nett paying subscribers during the 4th quarter, its champion quarterly grounds since its 2020 launch. Peacock surpassed 20 cardinal paying customers and its gross astir tripled to $2.1 billion. 

The taxable parks concern remained a agleam spot for NBCUniversal, with gross for the conception expanding 12% to $2.1 cardinal during the 4th quarter, fueled by higher attendance and lawsuit spending astatine locations successful the U.S. and Japan. 

Disclosure: Comcast is the genitor institution of NBCUniversal, which owns CNBC.