Summary
Comcast Corporation reported solid financial results for the second quarter and first half of 2023, demonstrating resilience across its diverse business segments. Revenue saw a modest increase of 1.7% for the quarter to $30.5 billion, and a slight decrease of 1.3% for the six months to $60.2 billion. Net income attributable to Comcast Corporation grew substantially by 25.1% for the quarter to $4.25 billion, and by 16.4% for the first half to $8.08 billion. Diluted EPS also showed strong growth. The Connectivity & Platforms segment remains a core driver, with revenue holding steady year-over-year for the quarter and showing marginal decline for the half, while Adjusted EBITDA increased by 4.4% and 3.8% respectively, indicating effective cost management and focus on higher-margin services. The Content & Experiences segment saw revenue growth in the quarter driven by Theme Parks and Media, though the Media segment's Adjusted EBITDA declined. The Studios segment's performance was boosted by theatrical releases. The company continued its commitment to returning capital to shareholders through share repurchases and dividend payments.
Financial Highlights
51 data points| Revenue | $30.51B |
| Operating Expenses | $23.80B |
| Operating Income | $6.71B |
| Interest Expense | $998.00M |
| Net Income | $4.25B |
| EPS (Basic) | $1.02 |
| EPS (Diluted) | $1.02 |
| Shares Outstanding (Basic) | 4.17B |
| Shares Outstanding (Diluted) | 4.18B |
Key Highlights
- 1Consolidated revenue grew by 1.7% to $30.5 billion in Q2 2023, with a net income attributable to Comcast Corporation of $4.25 billion, a 25.1% increase year-over-year.
- 2Connectivity & Platforms segment revenue remained stable at $20.4 billion for the quarter, with Adjusted EBITDA increasing by 4.4% to $8.35 billion, reflecting improved profitability.
- 3Content & Experiences segment revenue increased by 4.0% to $10.9 billion in Q2 2023, primarily driven by strong performance in Theme Parks (+22.4%) and Media (+0.1%).
- 4Theme Parks segment revenue saw a significant 22.4% increase in Q2 2023, driven by increased guest attendance and recovery from COVID-19 related restrictions in prior periods.
- 5The company returned $4.0 billion to shareholders through share repurchases and paid $2.4 billion in dividends during the first six months of 2023.
- 6Diluted earnings per share (EPS) increased by 34.2% year-over-year for the quarter to $1.02.
- 7Total operating costs and expenses, excluding depreciation and amortization, decreased by 2.5% for the six-month period, indicating effective cost management across segments.