Brian Roberts, chairman and chief executive officer of Comcast Corp.
Patrick T. Fallon | Bloomberg | Getty Images
Comcast reported an earnings beat and revenue miss for its second quarter of 2019 before the bell on Thursday. The stock was roughly flat on the news.
Here are the key numbers:
- Earnings per share: 78 cents, adjusted, vs. 75 cents expected, per Refinitiv survey of analysts
- Revenue: $26.86 billion, vs. $27.06 billion expected, per Refinitiv
- High-speed internet customers: 209,000 net adds, vs. 208,000 net adds, per FactSet consensus estimate
Comcast narrowly beat analyst estimates for net additions of high-speed internet customers, reporting 209,000 compared to the 208,000 analysts were expecting, according to FactSet.
This marks the fourth consecutive quarter for which Comcast has beat analysts’ earnings per share estimates for the, and shares of the stock have spiked more than 30% in 2019.
Theatrical revenue decreased 53.1% for the quarter compared to the same period last year, but the company said the decline was due to the strength of releases last year including “Jurassic World: Fallen Kingdom.”
As its video segment has declined, Comcast has shifted its focus on other areas of the business to develop. Comcast acquired British broadcaster Sky last year. CEO Brian Roberts told analysts last quarter the company had been “exploring launching a global NBC-Sky news channel later this year.”
The company is also preparing a new free, ad-supported streaming service through NBCUniversal, the parent company of CNBC. The service, which is expected to launch in the first quarter of 2020, will be available to any traditional pay-TV subscribers by logging in through a cable or satellite provider. It will cost $12 per month if you don’t have a cable or satellite subscription, CNBC previously reported. The new service will join a growing field of streaming players including Disney, Apple and AT&T‘s WarnerMedia as well as Amazon’s Prime Video and Netflix.
Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com.
