Comcast beat earnings expectations for the first quarter of 2024, with a 1.2% increase in revenue to $30.06 billion and 13.9% increase in adjusted earnings per share to $1.04. The results were given a boost in part by a 55% year over year increase in Peacock’s paid subscribers, which totaled 34 million.
Here are the top-line results:
Adjusted net income: $4.17 billion, up 7.6% year over year.
Adjusted earnings per share: $1.04 per share, up 13.9% year over year, compared to 98 cents per share expected by analysts surveyed by Zacks Investment Research.
Adjusted EBITDA: $9.35 billion, down 0.6% year over year.
Revenue: $30.06 billion, up 1.2% year over year, compared to $29.8 billion expected by analysts surveyed by Zacks Investment Research
Peacock: Peacock added 3 million paid subscribers during the quarter for a total of 34 million paid subscribers, a 55% increased compared to the prior year period. The streamer’s adjusted EBITDA loss narrowed to $639 million from $704 million in the prior year period, and its revenue grew 54% year over year to $1.1 billion, compared to $685 million a year ago.
The NBCUniversal parent generated free cash flow of $4.5 billion and net cash of $7.8 billion during the quarter, up 19.4% and 8.6% year over year, respectively.
More to come…
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