Comcast Sees Year-Over-Year Q3 Loss

Revenues at Comcast Corporation decreased 2.7 percent year-over-year to $31.2 billion in the third quarter, with net income decreasing 8.2 percent.

The year-over-year loss reflects an unfavorable comparison to the prior-year period, which included incremental revenues from the Paris Olympics.

Content and experiences revenues decreased by 6.8 percent to $11.7 billion, with media revenues decreasing 19.9 percent to $6.6 billion. If the Olympics are excluded from last year’s results, however, this year’s media revenues rose 4.2 percent. Studios revenues gained 6.1 percent to $3 billion, with increased contributions from both content licensing and theatrical revenues. Theatrical revenues rose primarily due to higher revenue from an increased number of releases in the current quarter, including Jurassic World Rebirth. Theme park revenues were up 18.7 percent to $2.7 billion.

Within the connectivity and platforms segment, revenues were almost flat at $20.2 billion, despite a decrease in customer relationships to 50.9 million.

“We’re making steady progress as we reposition the company for long-term, sustained growth,” said Brian L. Roberts, chairman and CEO of Comcast Corporation. “In connectivity, we’re taking deliberate steps to strengthen our broadband foundation and accelerate wireless as a meaningful growth engine, adding a record 414,000 wireless lines this quarter—clear evidence of the value of our converged offerings. In addition, business services delivered another solid performance, with mid-single digit revenue and adjusted EBITDA growth. In content and experiences, we’re building momentum across NBC and Peacock as we head into one of the most exciting stretches of live sports in our history, including robust NBA coverage, which just began last week. The early success of Epic Universe contributed to 19 percent revenue growth at our theme parks, reflecting the strength of our newest attractions and the enduring appeal of the Universal brand. We generated $4.9 billion of free cash flow this quarter and $14.9 billion year-to-date despite significant investment we’re making in repositioning our company, a testament to both the durability and resilience of our underlying business.”