Comcast's Fourth-Quarter Results: Earnings Beat Expectations, Revenue Falls Short
Comcast released its fourth-quarter results, surpassing earnings expectations but falling slightly short on revenue. The company faced tough competition in the broadband sector, losing 181,000 domestic broadband customers but gaining international subscribers. On a positive note, Comcast's mobile business added 364,000 customers, bringing its total to over 9.3 million. Adjusted net income decreased to $3.06 billion, with adjusted earnings before interest, taxes, depreciation, and amortization down 10% to $7.9 billion. Despite this, overall quarterly revenue increased by more than 1% to $32.31 billion. Revenue for Comcast's connectivity and platforms unit, including Xfinity services, decreased by 1% to $20.24 billion, with domestic broadband revenue down 1% to $6.32 billion. The company also lost 245,000 pay TV customers, leaving a total of 11.27 million. On the other hand, revenue for the media unit, which includes NBCUniversal, rose by 5.5% to $7.62 billion. NBC's streaming service, Peacock, gained 3 million paid subscribers, reaching a total of 44 million. Despite revenue growth to $1.6 billion, Peacock reported deeper losses of $552 million in the fourth quarter compared to the previous year.