Comcast reported a strong quarterly earnings beat, with revenue of $31.9 billion and adjusted earnings per share of 96 cents surpassing Wall Street estimates. However, its shares slumped 10% due to broadband losses. The company shed 139,000 broadband customers, exceeding analyst expectations, as fiber rivals AT&T and Verizon eroded Comcast’s market share.
In other segments, the Content & Experiences division saw revenue rise 5%, while the Studios unit reported a 85% year-over-year surge in EBITDA. Peacock’s revenue jumped 28% to $1.3 billion, but EBITDA losses remained significant at $372 million. Comcast also lost 311,000 domestic video customers, but ended the year with 12.5 million subscribers.
CEO Brian Roberts described the full-year 2024 results as “the best financial performance in our company’s 60-year history.” Despite this, Comcast continues to face challenges, including declining broadband business and a struggle to compete with Netflix, which now has over 300 million subscribers. The company is expected to spin off most of its cable TV networks into a new stand-alone company by the end of the year.
Source: https://deadline.com/2025/01/comcast-q4-earnings-nbcuniversal-wicked-boosts-studio-1236272732