Comcast Q3 revenue falls 6.1% but slightly beats estimates
Comcast’s third-quarter revenue fell 6.1% year over year to $29.30 billion, slightly above the $29.28 billion estimate, while adjusted EPS of $1.07 beat the $0.98 estimate. The company said its share repurchase pause will continue until the planned separation of NBCUniversal and Sky is complete.
1. Revenue and earnings
Comcast reported third-quarter revenue of $29.30 billion, down 6.1% year over year and slightly above analysts’ $29.28 billion estimate. Adjusted earnings per share were $1.07, beating the $0.98 estimate; reported EPS was $0.97.
2. Business trends and outlook
Lower video and domestic broadband revenue weighed on Residential Connectivity & Platforms, while higher domestic wireless service and equipment revenue helped offset declines in other residential segments. Peacock posted its second consecutive profitable quarter, supported by subscriber growth and event-driven revenue. Comcast said the NBCUniversal and Sky separation remains on track and that it expects to keep its share repurchase program suspended until the separation is complete.
