Summary
Comcast Corporation's Q3 2022 filing reveals a mixed financial performance. While overall revenue saw a slight decline of 1.5% for the quarter, year-to-date revenue increased by 5.6%. The company experienced a significant net loss of $4.6 billion in the third quarter, primarily driven by an $8.6 billion goodwill and long-lived asset impairment charge related to its Sky segment, stemming from macroeconomic conditions in Europe. Excluding this one-time charge, adjusted EBITDA showed a healthy 5.9% increase for the quarter, reaching $9.5 billion, indicating operational resilience. Cable Communications remains a strong performer, with revenue up 2.6% for the quarter driven by broadband growth. However, video and voice subscribers continue to decline. The NBCUniversal segment showed varied performance, with Studios and Theme Parks seeing significant revenue increases, while Media revenue declined, largely due to the absence of the Tokyo Olympics broadcast that boosted prior year results. Sky's performance was negatively impacted by macroeconomic challenges and foreign currency headwinds, with direct-to-consumer revenue down 15% in constant currency for the quarter. The company continues to prioritize returning capital to shareholders, repurchasing $3.5 billion in stock during the quarter and paying dividends.
Financial Highlights
51 data points| Revenue | $29.85B |
| Operating Expenses | $32.27B |
| Operating Income | -$2.42B |
| Interest Expense | $960.00M |
| Net Income | -$4.60B |
| EPS (Basic) | $-1.05 |
| EPS (Diluted) | $-1.05 |
| Shares Outstanding (Basic) | 4.38B |
| Shares Outstanding (Diluted) | 4.38B |
Key Highlights
- 1Reported a net loss of $4.6 billion for the quarter, significantly impacted by an $8.6 billion goodwill and long-lived asset impairment charge in the Sky segment.
- 2Adjusted EBITDA increased by 5.9% to $9.5 billion for the quarter, demonstrating underlying operational strength.
- 3Cable Communications revenue grew 2.6% year-over-year, driven by a 5.7% increase in broadband revenue.
- 4NBCUniversal segment saw mixed results: Studios revenue surged 31.4% and Theme Parks revenue grew 42.4%, while Media revenue declined 22.7% due to comparisons with the prior year's Tokyo Olympics broadcast.
- 5Sky segment revenue decreased by 14.7% (0.2% in constant currency) due to macroeconomic challenges in Europe and foreign currency impacts.
- 6Repurchased $3.5 billion of common stock during the quarter under its $20 billion repurchase program.
- 7Cash provided by operating activities for the nine months ended September 30, 2022, was $20.5 billion.