Theme parks continue to recover from COVID
TOKYO, JAPAN – AUGUST 03: (L-R) Silver medalist Xijing Tang of Team China, gold medalist Chenchen Guan of Team China and bronze medalist Simone Biles of Team United States pose with their medals during the Women’s Balance Beam Final medal ceremony on day eleven of the Tokyo 2020 Olympic Games at Ariake Gymnastics Centre on August 03, 2021 in Tokyo, Japan. (Photo by Jamie Squire/Getty Images)
Comcast reported its Q3 2021 earnings early Thursday morning. The NBCUniversal parent company beat on both revenue and earnings expectations in the quarter featuring both the Tokyo Olympics and “F9.”
Wall Street forecast earnings per share (EPS) of 75 cents on $29.87 billion in revenue, according to a consensus estimate compiled by Yahoo Finance. Comcast reported EPS of 87 cents on $30.298 billion in revenue.
NBCU revenue soared 58% to $10 billion in the quarter, making up about one-third of Comcast’s overall sales figure. Comcast’s cable communications business is still its largest.
“I am pleased with our strong operating and financial results this quarter. Each of our businesses posted
significant growth in Adjusted EBITDA, contributing to a double-digit increase in our Adjusted EPS. At
Cable, our customer and financial metrics remained strong, highlighted by 10% growth in Adjusted
EBITDA, the highest level of customer retention on record for a third quarter, and the most wireless net
additions since the launch of Xfinity Mobile in 2017. Our results at NBCUniversal continue to be driven
by the ongoing recovery at our domestic Theme Parks, as well as the success of our linear and
streaming Media platforms. At Sky, our UK business maintained its momentum, delivering healthy
growth in revenue, EBITDA, and customer relationships. Going forward, I am excited about the
opportunity to continue to invest in our global technology platform and other businesses while returning
more capital to shareholders. This strategy is reflected in our most recent product launches – XClass TV
in the U.S. and Sky Glass in Europe – as well as the $2.7 billion we returned to shareholders through a
combination of share repurchases and dividend payments,” commented Brian L. Roberts, Chairman and
Chief Executive Officer of Comcast Corporation.
Comcast stock (CMCSA) closed Wednesday afternoon at $52.44 per share. The U.S. stock markets will reopen at 9:30 a.m. ET.
Comcast executives will host a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.
More to come…
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