Comcast’s Results Buoyed By Olympics And Theme Park
Comcast (NASDAQ:CMCSA) managed to surpass expectations with its Q3 revenues and earnings, registering 14% growth in revenues to $21.31 billion and 15% growth growth in earnings per share to $0.92. This compares to analysts estimates of $21.16 billion and $0.91 per share. Comcast’s results were buoyed by a ratings jump during the Rio Olympics, the success of “The Secret Life of Pets,” and growth in Theme Park revenues. Alongside, the company saw the best third quarter in close to a decade in terms of customer addition for video and high speed Internet.
With the success of its animated movie “The Secret Life of Pets,” Comcast was able to curb the decline in its filmed entertainment revenues to just 7.9%, compared to over 40% in the last quarter. Theme park revenues jumped 60% due to the inclusion of Universal Studios Japan. NBCUniversal revenues grew 28.3%, driven by increased revenues on account of Rio Olympics.
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Looking ahead, Comcast will continue to rely on the high-speed internet segment to provide incremental revenues to its cable networks division with Pay-TV plateauing. For the full year, we expect the company to add close to 1.5 million internet subscribers and lose just 19,000 Pay-TV customers. The availability of Netflix on Comcast’s X1 may help the latter reduce subscriber loss to streaming services to a marginal extent due to the enhanced convenience for users.
The following table provides an overview of the company’s earnings.
Have more questions about Comcast? See the links below:
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- How Has Comcast’s Revenue Composition Changed In The Last Five Years?
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