Comcast said fourth quarter profit surged as the company saw good results at its mobile business, at the box office and at its Peacock streaming hub. Meanwhile, the Philadelphia cable-and-entertainment giant said it would recognize a $1.9 billion income tax benefit generated by a reconfiguration of legal entities at Sky, and continued to grapple with consumers’ move away from traditional subscriptions and linear-TV viewing.
Comcast said attributable net income rose roughly 47% to $4.78 billion, or $1.24 per share, compared with $3.26 billion, or 81 cents per share, in the year-earlier period. Adjusting for one-time items, including interest expense and the value of certain assets, Comcast said earnings per share came to 96 cents for the period.
Revenue rose 2% to $31.92 billion, generated by increases in its U.S. wireless operations, the success of “Wicked” and “The Wild Robot” at the box office and subscriptions at Peacock. Revenue from the company’s cable and connectivity business was basically flat.
Like its competitors, Comcast is navigating tricky terrain, as much of its consumer base migrates to on-demand streaming as a way to interact with content and programming. The company is working to spin off the bulk of the cable-programming assets of NBCUniversal in a transaction expected to take place later this year.
Comcast said it lost 139,000 broadband customers in the quarter, more than projected by Wall Street, and cited disruptions resulting from hurricane activity in Florida. The company also lost 311,000 cable TV customers during the period.
Revenue tied to NBCU rose 5%, to approximately $12.08 billion, due in part to improving business dynamics at Peacock, where revenue rose 27.8%. The service won new subscribers last year due to the Paris Olympics. Ad dollars at Peacock rose but declined at the company’s TV networks.
Universal Studios’ revenue rose 6.7% to $3.27 billion, augmented by success from films including “Kung Fu Panda 4,” “Despicable Me 4,” “The Wild Robot” and “Wicked.” Revenue from theme parks was flat due to lower attendance trends at U.S. venues.
Comcast CEO Brian Roberts called attention to new business drivers in 2025, including the opening of the Epic Universe theme park and the return of the NBA to NBC starting in the fall.
More to come…
