Comcast Reports Q4 Profit Gain

Net income at Comcast Corporation was up 7.8 percent in the fourth quarter to $3.3 billion on revenues that rose 2.3 percent to $31.25 billion.

“We capped off 2023 and the fourth quarter with excellent operational and financial performance,” said Brian L. Roberts, chairman and CEO. “For the third consecutive year, we generated the highest revenue, adjusted EBITDA and adjusted EPS in our company’s history. At the same time, we invested in future growth, returned $16 billion to shareholders and maintained a healthy balance sheet. We drove strong revenue and adjusted EBITDA growth in our connectivity and platforms businesses and continued to expand and upgrade our network to fuel broadband. We also reported the highest Adjusted EBITDA on record at theme parks; were the number one studio in worldwide box office for the first time since 2015; and maintained Peacock’s position as the fastest growing streamer in the U.S. 2024 is already off to a great start—I couldn’t be more proud of how our company came together to deliver a record-breaking NFL Wild Card game on Peacock and the nation’s biggest night on the Internet ever. Our unique and complementary capabilities will enable us to capitalize on the many opportunities ahead, and the Board’s confidence in our future is reflected in today’s announcement that we are increasing our dividend for the 16th consecutive year.”

Content and experiences revenues were up 5.7 percent to $11.5 billion. Media revenues rose by 3.1 percent to $7 billion, powered by higher U.S. distribution ($2.7 billion)—thanks to gains at Peacock—and international networks ($1.04 billion) revenues, while domestic advertising was down almost 7 percent to $2.6 billion, with the year-ago period having been boosted by the World Cup on Telemundo. Studios’ revenues were up by 4.3 percent to $3.1 billion, with content licensing flat at $2.37 billion and theatrical increasing almost 60 percent to $343 million. Theme park revenues increased by 12.2 percent to $2.4 billion.

At the company’s connectivity and platforms segment, revenues were flat at $20.4 billion, with total customer relationships slipping to 52.1 million. The company saw its broadband customer base fall to 32.25 million, and it lost 389,000 video customers to 14.1 million.