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Comcast (CMCSA) Q2 2020 revenues exceeded expectations



Brian Roberts, CEO of Comcast, arrives at the annual Al Valley & Company Sun Valley conference on July 9, 2019 in Sun Valley, Idaho.

Drew Angerer | Getty Images

Comcast announced its gains in the second quarter before the bell on Thursday, estimating top-bottom and bottom-up analytical estimates.

This is the first revenue report since Comcast̵

7;s NBCUniversal launched its new ad-supported streaming service, Peacock, and the first to reflect the full extent of the Comcast business pandemic.

Shares of Comcast, the parent company of CNBC, rose more than 3% in the premarketing business after the report.

Here are the key numbers:

  • Earnings per share: 69 cents adjusted from 55 cents expected in the Analyst Refinitive Survey
  • revenue: $ 23.72 billion The Refinitive survey expects $ 23.57 billion
  • High speed internet customers: 323,000 net additions vs. 247,000 are expected in the FactSet survey

Despite pandemic blockades that persisted until the end of the second quarter in many parts of the world, Comcast has shown some positive signals.

High-speed Internet customers grew faster than expected, reaching a cable record in the second quarter, with more than 217,000 net customer relationships. Comcast also said it has retained 95% of Sky’s customers since the start of the pandemic, despite postponing major live sporting events. As Internet customers grew, Comcast saw total video customer losses of 477,000.

Comcast has expanded its promotions to help customers overcome the new conditions set by the crisis, including free access to its Internet Essentials by the end of the year and keeping free Xfinity Wi-Fi sites away from home until the end of the year.

The company said Peacock has already recorded 10 million registrations since launching in April for Comcast subscribers and more generally this month.

However, Comcast’s NBCUniversal division saw several hits in the second quarter as advertisers cut spending and theme parks had to shut down completely. NBCUniversal’s revenue fell 25.4% year-over-year to $ 6.1 billion.

Theme parks saw the highest decline in revenue this quarter, falling 94.1% to $ 87 million. Universal’s parks in Orlando, Florida and Japan could reopen with limited capacity in June, but the growing number of cases in Florida could jeopardize any progress.

Film entertainment was affected by the closure of the theater, but its revenue from content licensing increased by 19.5%, partly due to the transfer of shows such as “Trolls World Tour” to premium video on demand. Total revenue in the segment decreased 18.1% to $ 1.2 billion.

Revenues from cable advertising decreased by 27% and TV television by 27.9%, reflecting reduced spending and canceled sporting events. Both divisions saw an increase in content licensing revenue of 23.1% and 58.5% due to the timing of licensing agreements, including transactions with Peacock.

Here’s an example of how Comcast’s divisions participated this quarter:

  • Cable communications accounted for $ 14.4 billion in total revenue, down 0.2% year over year
  • Cable networks accounted for $ 2.5 billion of total revenue, down 14.7%.
  • Broadcast generated $ 2.4 billion in total revenue, down 1.6%
  • Filmed entertainment generated total revenue of $ 1.2 billion, down 18.1%
  • Theme parks generated total revenue of $ 87 million, down 94.1%

This story is evolving. Check for updates.

Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC.

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