Summary
Comcast Corporation (CMCSA) reported its Q2 2008 financial results, showing a 10.9% year-over-year increase in revenue for the quarter to $8.55 billion and a 12.2% increase for the six-month period to $16.94 billion. This growth was primarily driven by the Cable segment, which saw a 10.5% revenue increase in the quarter and 11.8% for the six months, fueled by subscriber growth in video, high-speed internet, and phone services, as well as contributions from recent acquisitions like the Insight transaction. Net income for the quarter rose by 7.5% to $632 million, or $0.21 per diluted share, compared to the prior year. However, for the first six months of 2008, net income decreased by 4.3% to $1.36 billion, or $0.46 per diluted share, impacted by increased interest expenses and other income/expense fluctuations. The company also continued its focus on returning capital to shareholders, repurchasing approximately $2.0 billion of common stock during the first six months of 2008 and initiating quarterly dividends.
Financial Highlights
25 data points| Revenue | $8.55B |
| SG&A Expenses | $1.87B |
| Operating Expenses | $6.80B |
| Operating Income | $1.75B |
| Interest Expense | $618.00M |
| Net Income | $632.00M |
| EPS (Basic) | $0.10 |
| EPS (Diluted) | $0.10 |
Key Highlights
- 1Consolidated revenue grew by 10.9% to $8.55 billion for the quarter and 12.2% to $16.94 billion for the six months, demonstrating strong top-line performance.
- 2Cable segment revenue increased by 10.5% for the quarter and 11.8% for the six months, driven by subscriber growth in video (67% of video subscribers had digital services), high-speed internet, and phone services.
- 3Net income for the quarter increased by 7.5% to $632 million, reflecting improved operational performance.
- 4Despite revenue growth, net income for the six-month period decreased by 4.3% to $1.36 billion, impacted by higher interest expenses and other income/expense items.
- 5Comcast repurchased approximately $2.0 billion of its common stock during the first six months of 2008, underscoring a commitment to returning capital to shareholders.
- 6The company is making significant investments in capital expenditures ($2.7 billion in the first six months) and has a substantial share repurchase authorization remaining.
- 7Comcast is involved in various ongoing legal proceedings, including antitrust and securities litigation, which are being vigorously defended, with the company not expecting a material adverse effect on its consolidated financial position.