News about Comcast

Comcast shares have fallen nearly 60% since their record high in 2021, hitting a new 52-week low earlier this month. The article attributes this to rising competition and a shrinking cable market: paying cable subscribers dropped from more than 22 million in 2012 to just over 10 million, and cable now accounts for less than one-third of revenue, down from half. Broadband subscribers have also declined, from 32.3 million at the 2022 peak to 28.3 million now. Still, the article notes Comcast generates enough cash flow to fund its dividend, which yields 5.8% on a forward basis, and a trailing P/E just over 7 suggests the selling may have gone too far.

Comcast beat Wall Street's third-quarter earnings expectations, as strength in its media unit offset headwinds at its theme parks. Peacock posted a quarterly profit for the second time since its 2020 launch, with 261 million USD in adjusted EBITDA on 1.8 billion USD in revenue, helped by record World Cup viewership. Media revenue rose 13% to 5.4 billion USD, while connectivity and platforms revenue fell 2.7%, with net losses of 144,000 domestic broadband customers and 274,000 cable customers offset by 368,000 mobile additions. Theme park revenue fell 4.4% to 2.6 billion USD and adjusted EBITDA dropped 17%, while adjusted EPS of 1.07 USD beat the 98 cents expected. Comcast also plans to spin off NBCUniversal and Sky into a separate publicly traded company, a process expected to take about a year.