Revenues at Comcast Corporation in the first quarter were flat at $29.9 billion, a less than 1 percent decrease, while net income dropped 12.5 percent to $3.4 billion.
Content and experiences revenues at Comcast were also stable, inching up less than 1 percent to $10.46 billion. Media revenues were up 1.1 percent to $6.4 billion, with U.S. advertising falling by 6.8 percent to $1.9 billion, while U.S. distribution revenues were largely flat at $2.9 billion and international networks contributed an improved $1.2 billion, a 13.9 percent gain. Studios revenues were up 3 percent to $2.8 billion, with content licensing rising 3.5 percent to $2.2 billion while theatrical was down 13.3 percent to $286 million. Theme park revenues were down 5.2 percent to $1.9 billion.
In the connectivity and platforms segment, revenues were flat at $20.1 billion despite a reduction in customer relationships to 51.4 million. The company shed 199,000 broadband customers in the period and lost 427,000 video customers. Comcast currently services 12.1 million video customers.
“We had strong financial results in the first quarter, growing Adjusted EPS mid-single digits and generating $5.4 billion of free cash flow while investing in our six growth businesses and returning $3.2 billion to shareholders,” said Brian L. Roberts, chairman and CEO. “Our connectivity businesses generated 4 percent revenue growth, fueling expansion in C&P EBITDA margins to 41.4 percent. We also achieved our highest wireless line additions in two years and have outperformed in Business Services with mid-single-digit revenue and EBITDA growth and margins of roughly 57 percent. At the same time, momentum in streaming continues with 21 percent growth in Media EBITDA; and Theme Parks remain on an incredible growth trajectory. We could not be more excited for the grand opening of Epic Universe in Orlando next month and our plans to bring a new world-class theme park to the U.K. With our significant free cash flow generation, disciplined approach to capital allocation and the strength of our diversified businesses, I am confident that we are well-positioned to navigate an evolving environment and capture future opportunities.”
