Summary
Comcast Corporation's (CMCSA) third-quarter 2024 results show a revenue increase of 6.5% to $32.07 billion, driven primarily by the Content & Experiences segment, particularly the Media division which benefited significantly from the Paris Olympics. However, overall profitability faced pressure, with net income attributable to Comcast Corporation down 10.3% to $3.63 billion for the quarter and down 5.9% year-to-date. This decline was influenced by increased programming and production costs, particularly related to content and marketing for Peacock, and a notable drop in Adjusted EBITDA by 2.3% for the quarter. The Connectivity & Platforms segment saw modest revenue growth but experienced a net loss of residential broadband customers, partly attributed to the expiration of the Affordable Connectivity Program. The company continues to manage its debt, repurchasing shares and paying dividends while maintaining significant liquidity.
Financial Highlights
51 data points| Revenue | $32.07B |
| Operating Expenses | $26.21B |
| Operating Income | $5.86B |
| Net Income | $3.63B |
| EPS (Basic) | $0.94 |
| EPS (Diluted) | $0.94 |
| Shares Outstanding (Basic) | 3.86B |
| Shares Outstanding (Diluted) | 3.88B |
Key Highlights
- 1Total revenue increased by 6.5% to $32.07 billion for the third quarter of 2024 compared to the prior year period.
- 2Net income attributable to Comcast Corporation decreased by 10.3% to $3.63 billion for the third quarter of 2024.
- 3Adjusted EBITDA for the quarter declined by 2.3% to $9.74 billion.
- 4The Media segment saw a substantial 36.5% revenue increase, largely due to the Paris Olympics, although Adjusted EBITDA for the segment decreased by 10.1%.
- 5Residential Connectivity & Platforms segment revenue grew slightly by 0.1%, but the company experienced a net loss of 87,000 domestic broadband customers in the quarter.
- 6Comcast repurchased $2.0 billion of its common stock during the third quarter.
- 7The company paid $3.6 billion in dividends during the first nine months of 2024.