Comcast Corp. (CMCSA) - Get Report posted stronger-than-expected third quarter earnings Thursday as the cable provider added a record number of broadband subscribers and saw ad revenues steady thanks to the sport and political spending.
Comcast said adjusted earnings for the three months ending in September came in at 65 cents per share, down 17.7% from the same period last year but well ahead of the Street consensus forecast of 51 cents per share. Group revenues, Comcast said, fell 5% to $25.5 billion but topped analysts' estimates of a $24.73 billion tally.
Comcast said it added a net 556,000 broadband subscribers over the three-month period, a firmer-than-expected total, with cable revenues rising modestly to $15 billion. The group also said it has nearly 22 million subscribers to tis new Peacock streaming service
“We are nearly eight months into this pandemic – and despite many harsh realities, I couldn’t be more pleased and proud of how our team has worked together across the company to find safe and creative solutions to successfully operate in this environment. We are executing at the highest level; and perhaps, most importantly, accelerating innovation, which will drive long-term future growth.," said CEO Brian Roberts
"At the same time, we’re growing our entertainment platforms with the addition of Flex, which has a significant positive impact on broadband churn and customer lifetime value," he added "Our integrated strategy is also driving results in streaming with nearly 22 million sign-ups for Peacock to date, and we are exceeding our expectations on all engagement metrics in only a few months."
Comcast shares were marked 4.22% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $43.75 each, a move that bumps the stock's six-month gain to around 12.2%.