Comcast posted its fourth quarter earnings that surpassed analysts’ expectations, even as it missed estimates on high-speed internet additions.
The telecom giant’s adjusted earnings came in at 77 cents, topping the 73 cents expected by analysts polled by Refinitiv.
Revenue of $30.34 billion also exceeded the $29.61 billion estimated.
The company’s net additions of high-speed internet customers is 212,000, vs. 220,000 estimated by analysts polled by FactSet.
Comcast’s Cable Communications division revenue was $16.41 billion in the quarter, up +4.5% year-over-year. Media raked in $5.83 billion in revenue, up +8.4%. Studios revenue rose +36.4% to $2.42 billion, while Theme Parks revenue increased +191.3% to $1.89 billion. Sky generated a revenue of $5.08 billion, down -2.5%.
NBCUniversal’s ad-supported streaming platform, Peacock, had 24.5 million monthly active accounts as of year-end 2021. Within those 24.5 million, more than 9 million are paid subscribers, approaching $10 in paid average revenue per user including advertising – as indicated by CEO Brian Roberts.
CFO Michael Cavanagh mentioned that Peacock would breakeven later than initially anticipated. Nevertheless, he said that strength in theme parks would mean it can be funded by NBCUniversal cash flows. Cavanagh also cautioned that notwithstanding an expected growth in revenue, they forecast an EBITDA loss of -$2.5 billion in 2022 and doubling content spend to over $3 billion.