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Comcast Registers 5% Revenue Growth In Q2, Sees Subscriber Loss

Benzinga · 07/28/2022 07:59
  • Comcast Corporation (NASDAQ:CMCSAreported second-quarter FY22 revenue growth of 5.1% year-on-year to $30.02 billion, beating the consensus of $29.70 billion.
  • Segments: Revenue for Cable Communications rose 3.7% Y/Y to $16.60 billion, driven by increases in broadband, wireless, and business services partially offset by decreases in advertising, video, and voice revenue.
  • Customer Relationships decreased by 28,000 to 34.4 million. Broadband customer net additions were flat, and total video customer net losses were 521,000.
  • The company's Cable Communications added 317,000 wireless lines.
  • Revenue for NBCUniversal increased 18.7% Y/Y to $9.45 billion. Revenue from Media increased 3.6% Y/Y to $5.3 billion, reflecting higher distribution revenue, and Studios increased 33.3% Y/Y to $3 billion, primarily reflecting higher content licensing revenue and theatrical revenue.
  • Theme Parks' revenue increased by 64.8% to $1.8 billion due to higher attendance and increased guest spending at its parks in the U.S. and Japan.
  • Revenue for Sky decreased 13.8% Y/Y to $4.5 billion. Total Customer Relationships decreased by 255,000 to 22.7 million.
  • Adjusted EPS of $1.01 beat the consensus of $0.92.
  • Margin: Adjusted EBITDA margin of Cable Communications expanded 70 bps to 44.9%. Sky's adjusted EBITDA margin expanded 850 bps to 19.2%.
  • Comcast generated $6.3 billion in operating cash flow, down from $7.6 billion a year ago, and held $6.86 billion in cash and equivalents.
  • Cable Communications' capital expenditures were $2.4 billion, up 12.6% Y/Y, NBCUniversal's capital expenditures increased 153.8% to $463 million, and Sky's capital expenditures decreased 29.3% to $130 million.
  • Price Action: CMCSA shares traded lower by 6.16% at $40.70 in the premarket on the last check Thursday.
  • Photo via Wikimedia Commons