Comcast is the largest cable company and home Internet service provider in the United States.
Comcast has outperformed expectations in the fourth quarter, with adjusted earnings per share reaching 84 cents, beating the anticipated 79 cents. Revenue also surpassed estimates, totalling $31.25 billion against the expected $30.51 billion. Net income rose 7.8% to $3.26 billion, or 81 cents a share, compared to $3.02 billion, or 70 cents a share, in the previous year. The company’s Theme Parks set a record for adjusted EBITDA at $872 million, while its flagship streaming service, Peacock, marked a significant milestone by generating over $1 billion in revenue for the quarter.
Comcast CEO Brian Roberts expressed satisfaction, stating, “For the third consecutive year, we generated the highest revenue, adjusted EBITDA, and adjusted EPS in our company’s history.” The company also announced an 8 cents, or 7%, increase in its annualized dividend to $1.24 per share for 2024. This marks the 16th consecutive year of dividend raises. Additionally, Comcast approved a $15 billion share repurchase program, effective immediately.
Despite a loss of 34,000 domestic broadband subscribers, which was better than the expected 62,000, Comcast’s domestic broadband revenue increased by 3.7% to $6.4 billion. The company added 310,000 wireless subscribers and lost 389,000 video subscribers. Peacock, NBCUniversal’s streaming service, added 3 million subscribers, surpassing $1 billion in revenue for the first time, reaching $1.03 billion. However, Peacock reported an adjusted loss of $825 million, narrowing from $978 million the previous year.
Comcast’s performance in Theme Parks, streaming, and other segments indicates resilience and adaptability in a dynamic market. The company remains optimistic about future subscriber trends and plans for sustained growth in the coming quarters.
Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.
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