Comcast posts smaller-than-expected drop in Q2 revenue and adjusted EPS
Outlook
The company sees near-term softness in Theme Parks but remains confident in the long-term opportunity.
Business drivers
- Broadband and video declines - Residential broadband and video revenue fell due to lower average rates and fewer customers.
- Wireless and business services growth - Wireless service and equipment revenue rose on record net line additions; business services connectivity revenue and EBITDA also increased.
- Content & experiences boost - Media revenue grew on FIFA World Cup, NBA rights, and Peacock subscriber gains; Studios benefited from strong theatrical releases.
Quarterly results
Comcast posted a smaller-than-expected 1.2% year-over-year drop in second-quarter revenue, while adjusted EPS fell 16.7%, less than analysts expected.
Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Beat | $29.94 bln | $29.30 bln (22 Analysts) |
| Q2 Adjusted EPS | Beat | $1.04 | $0.97 (20 Analysts) |
| Q2 EPS | $0.99 |
Comcast said its Peacock segment reported profitability for the first time, supported by sports, entertainment and major live events.
