Summary
Comcast Corporation reported a decrease in revenue and net income for the first quarter of 2020 compared to the prior year, largely impacted by the onset of the COVID-19 pandemic. Consolidated revenue declined by 0.9% to $26.6 billion, while net income attributable to Comcast Corporation fell significantly by 39.6% to $2.15 billion, resulting in diluted EPS of $0.46, down from $0.77 in Q1 2019. Adjusted EBITDA also decreased by 4.9% to $8.13 billion. The Cable Communications segment showed resilience, with revenue increasing by 4.5% to $14.9 billion, driven by strong growth in high-speed internet subscriptions. However, the NBCUniversal segment experienced a substantial 7.0% revenue decline, primarily due to the temporary closure of theme parks and disruptions in filmed entertainment and broadcasting caused by the pandemic. Sky's revenue also decreased by 5.8% (3.7% on a constant currency basis). Looking ahead, Comcast anticipates a more significant negative impact from COVID-19 in the second quarter, affecting advertising revenue, consumer spending, and operations across all segments. The company is focused on managing liquidity, which it expects to remain sufficient, and has paused its share repurchase program to prioritize debt reduction.
Financial Highlights
51 data points| Revenue | $26.61B |
| Operating Expenses | $21.76B |
| Operating Income | $4.85B |
| Interest Expense | $1.21B |
| Net Income | $2.15B |
| EPS (Basic) | $0.47 |
| EPS (Diluted) | $0.46 |
| Shares Outstanding (Basic) | 4.56B |
| Shares Outstanding (Diluted) | 4.62B |
Key Highlights
- 1Consolidated revenue for Q1 2020 decreased by 0.9% to $26.6 billion year-over-year.
- 2Net income attributable to Comcast Corporation dropped 39.6% to $2.15 billion, with diluted EPS falling to $0.46 from $0.77.
- 3Adjusted EBITDA declined by 4.9% to $8.13 billion, reflecting the initial impacts of the COVID-19 pandemic.
- 4Cable Communications segment revenue grew 4.5% to $14.9 billion, primarily fueled by a 9.3% increase in high-speed internet revenue.
- 5NBCUniversal segment revenue decreased significantly by 7.0% to $7.73 billion, heavily impacted by theme park closures and disruptions in filmed entertainment.
- 6Sky segment revenue decreased by 5.8% (3.7% on a constant currency basis) to $4.52 billion.
- 7The company acknowledged the material adverse impact of COVID-19 and anticipates greater challenges in Q2 2020, leading to a pause in share repurchases to focus on debt reduction.