Comcast beat Wall Street expectations in its fourth quarter in 2024 as peacock continued to limit its losses and “Wicked” helped the studies’ business shortage with an 85% increase in profits.
But the shares in the media konglometer fell by 4% in trade before the market on Thursday after it threw 139,000 domestic broadband customers. Comcast Cable President and CEO Dave Watson warned earlier in December that the company would lose just over 100,000 broadband subscribersIncluding about 10,000 from weather -related disorders from Hurricanes Milton and Helene.
Here are the best results:
Net profit: $ 4.78 billion, an increase of 46.6% year over years. On an adjusted basis, net profit increased 8.3% year to year to $ 3.7 billion.
Profit per share: $ 1.24 per share, an increase of 54% year over years. On an adjusted basis, EPS came at 96 cents per share, an increase of 13.9% year over years, compared with 88 cents per share expected by analysts investigated by Zack’s Investment Research.
Income: $ 31.92 billion, an increase of 2.1% year over years, compared with $ 31.63 billion expected of Zacks.
Adjusted EBITDA: $ 8.8 billion, an increase of 9.9% year over years
The latest quarterly results come when Comcast prepares to spin off its cable network portfolio to a listed, independent company. The move is expected to take about a year to complete and will be tax -free for Comcast’s shareholders.
The unit, currently called Spincco, will house USA Network, CNBC, MSNBC, Oxygen, E!, Syfy and Golf Channel and digital assets Fandango, Rotten Tomatoes, Golfnow and Sports Engine, reach 70 million American households and generate $ 7 billion in annual income.
Peacock saw revenue to $ 28% to $ 1.3 billion, compared with $ 1 billion last year. But the streaming service remains unprofitable and publishes a loss of $ 372 million for the quarter, down from a loss of $ 825 million in the previous year. Total paid subscribers remained unchanged at 36 million.
In total, the media department posted an increase in revenue by $ 3.5% to $ 7.2 billion and $ 175.2% to $ 298 million. The increase in profit was due to higher revenue and consistent operating costs, while the increase in income was due to a 5% shock in domestic distribution revenue to $ 2.89 billion, mainly due to higher revenue on peacocks.
Domestic advertising increased by $ 0.4% to $ 2.6 billion, mainly due to the revenue increase in peacock and compensated by lower revenues in its networks, while International Network’s revenue increased 4.1% to $ 1.09 billion due to an increase in revenue in connection with the distribution of sports networks.
Studios Business defies seriously with 85% jump in profit
Studio operations were also a bright place, with profits rising 85% to $ 569 million and revenue grew $ 6.7% to $ 3.7 billion thanks to the successful theatrical performance of “Wicked”, “The Wild Robot”, “Kung Fu Panda 4, “and” Despicable Me 4. ” Theater revenue increased by $ 50% to $ 515 million, while revenue from content licenses increased by 0.3% to $ 2.38 billion.
Higher license revenues at its TV studios were compensated by lower license revenues at its film studios, mainly because of the time when the content was made available according to license agreements, including the effects of work stops during the previous year.
Theme parks draw with flat revenue growth, 3.9% reduction in profits
Theme Parks operations were also a feature of Comcast’s revenue, with profits that fell 3.9% to 838 million and flat revenue growth of 0.1% to $ 2.37 billion.
The domestic theme parks saw lower revenue, driven by lower guest attendance, compensated by higher revenue at international theme parks. The segment’s results included approximately $ 35 million in costs before the opening during the quarter of the Epic Universe theme park in Orlando, which is scheduled to open on May 22.
More to come …
