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Brian Roberts, Chairman and Chief Executive Officer of Comcast Corp.
Patrick T. Fallon | Bloomberg | Getty Images
Comcast reported on earnings and earnings for the 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, by Refinitiv survey of badysts
- 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 badyst estimates for net additions of high-speed internet customers, reporting 209,000 compared to the 208,000 badysts were expecting, according to FactSet.
This marks the fourth quarter of the year. Comcast has beat badysts' earnings per share estimates, 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 "Jurbadic World: Fallen Kingdom." The decline impacted Comcast's filmed entertainment revenue, the company said, which fell 14.8% in the second quarter of 2019 compared to last year.
Comcast said Sky, the British broadcaster it acquired last year, saw total customer relations increase 4.4% year over year to 24 million. Sky brought in $ 4.83 trillion in revenue for the quarter, a 3.3% decrease compared to the second quarter of 2018. Comcast blamed the impact of the currency and said its constant currency growth is 2.4% increase over the year, driven by higher content and direct-to-consumer revenue.
Here's how Comcast's other divisions did for the second quarter:
- Cable communications accounted for $ 14.45 billion in total revenue, up 3.9% to last year's quarter.
- Cable networks, excluding the Olympics, accounted for $ 2.95 billion in total revenue, up 2.5% from last year's quarter.
- Broadcast television, excluding the Olympics and Super Bowl, accounted for $ 2.40 trillion in total revenue, compared to last year's quarter.
- Filmed entertainment brought in $ 1.46 trillion in total revenue, up 14.8% from last year's quarter.
- Theme Parks brought in $ 1.46 trillion in revenue, a 7.5% increase compared to last year's quarter.
As video has declined, Comcast has shifted its focus on other areas of business to develop. Comcast acquired British Broadcaster Sky last year. Brian Roberts CEO told badysts last quarter the company had been "exploring launching a global NBC-Sky channel news later this year."
The company is also preparing for a new, 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 TV subscribers. It will cost about $ 12 per month if you do not have a cable or satellite subscription, CNBC previously reported. Disney, Apple and AT & T 's WarnerMedia as well as Amazon Prime Video and Netflix.
Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com.
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