Brian Roberts, chairman and chief executive officer of Comcast Corp.
Scott Eells | Bloomberg | Getty Images
Comcast reported a drop in first-quarter profit on Thursday, despite significant bumps in its cable and broadband divisions as coronavirus restrictions kept customers at home.
Here’s how the company did:
- EPS: 71 cents, adjusted
- Revenue: $26.61 billion
Wall Street was anticipating earnings per share of 68 cents on revenue of $26.75 billion, based on Refinitiv consensus estimates. However, it’s difficult to compare reported earnings to analyst estimates for Comcast’s first quarter, as the coronavirus pandemic continues to hit global economies and makes earnings impact difficult to assess.
Comcast posted $2.1 billion in net income for the first quarter. That’s roughly 40% lower than the first quarter last year when Comcast earned more than $3.5 billion. Adjusted for one-time items, net income came in at $3.3 billion, a 6% dip year over year.
Still, the company saw a boost from its cable and broadband divisions as the coronavirus pandemic kept U.S. households mostly inside. Cable revenue jumped 4.5% year over year, helped by a 52% surge specifically in wireless revenue.
An 8.8% jump in broadcast TV revenue also helped to offset headwinds in other segments that felt particular impacts of the Covid-19 outbreak.
The company’s filmed entertainment revenue fell 22.% year over year and theme park revenue fell 31.9%, hurt by park closures. The company temporarily shut down its Universal theme parks, which brought in $1.56 billion in total revenue last quarter.
Universal also delayed some of its movies, including “Fast and Furious,” a potential blockbuster that was originally scheduled to premiere in May. But Universal has also had some success with new movies. This month, it released “Troll World Tour” through various streaming and on-demand services as a digital rental instead of in theaters. The company said this week the movie generated $100 million in revenue so far.
Comcast’s annual revenue could also take a hit from the delay of the 2020 Olympics in Tokyo. Those games will now take place in 2021, and Comcast’s NBCUniversal division is the sole provider of broadcast rights for the games.
This is breaking news. Please check back for updates.
Disclosure: Comcast owns NBCUniversal, parent company of CNBC.