Comcast Q4 Earnings: NBCUniversal Revenue Falls 18% on Lower Ratings, Delayed TV Series
Comcast reported its fourth-quarter and full-year 2020 financial results on Thursday morning.
Wall Street had forecast earnings per share (EPS) of 48 cents on $26.78 billion in revenue, according to a consensus estimate compiled by Yahoo Finance. Comcast actually reported adjusted EPS of 56 cents on $27.708 billion in revenue.
Earlier this week, Comcast’s Peacock acquired WWE Network programming at a price tag of approximately $1 billion over the next five years.
Also Read: Could WWE Network-Peacock Deal Set the Stage for Comcast Buying WWE?
“Outstanding performance at Cable drove very strong fourth quarter results for our company. We added 538,000 net new broadband customers and delivered Adjusted EBITDA growth of over 12%. Our theme parks in Orlando and Osaka reached breakeven; and encouragingly, Sky returned to customer growth in all three of its markets, bringing our total customer relationships and overall revenue in Europe essentially back to 2019 levels. With the vaccines rolling out throughout the world, we are optimistic that the parts of our business that had been most impacted will soon be back on a path towards growth. This confidence is shared by our Board of Directors, which has announced an increase in the dividend for the thirteenth consecutive year. In addition, it is now our expectation that we will be in a position to begin repurchasing shares again in the back half of this year. While this is certainly the most challenging period we have faced, I could not be more proud of how our management team and employees continue to pull together and deliver. Today’s results are a testament to their commitment and dedication,” commented Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation.
Comcast stock (CMCSA) closed Wednesday at $48.42 per share. The U.S. stock markets reopen at 9:30 a.m. ET.
Comcast executives will host a conference call at 8:30 a.m. ET to discuss the quarter and full-year 2020 in greater detail.
More to come…
Read original story Comcast Q4 Earnings: NBCUniversal Revenue Falls 18% on Lower Ratings, Delayed TV Series At TheWrap
