Comcast topped Wall Street analysts’ forecasts for the COVID-19-hit second quarter, with total revenue slipping 12% from a year ago to $23.7 billion and adjusted earnings per share reaching 6…
topped Wall Street analysts’ forecasts for the COVID-19-hit second quarter, with total revenue slipping 12% from a year ago to $23.7 billion and adjusted earnings per share reaching 69 cents.
While the earnings figure declined from 78 cents in the year-ago quarter, it was far higher than the consensus expectation of 55 cents.dropped 25% in the quarter, to $6.1 billion. Advertising, as expected, took a major hit, declining 27%. Distribution revenue fell 15%, with the more moderate decline caused by credits given to some of the company’s regional sports networks due to games not played by pro sports teams during COVID-19.
The company, which operates the No. 1 cable TV system in the U.S., shed 427,000 residential video customers in the quarter, ending June with just shy of 19.5 million subscribers. Management at the company were expected to offer comments on various fronts during a conference call with analysts. Among the topics will be the rollout of Peacock, NBCU’s new streaming service, and a deal between Universal Pictures and AMC Entertainment regarding the theatrical release window for new movies.
Shares in Comcast have recently battled back to their highest level since February. They opened Thursday trading at $43.90.
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