Comcast Corp (NASDAQ: CMCSA) reported a fourth-quarter FY23 revenue growth of 2.3% year-on-year to $31.25 billion, beating the consensus of $30.51 billion. Adjusted EPS of $0.84 beat the consensus of $0.79.
Segments: Revenue for Connectivity & Platforms grew by 0.5% Y/Y to $20.42 billion. Broadband revenue grew 3.7% Y/Y to $6.40 billion.
Customer Relationships decreased by 183,000 to 52.1 million.
Broadband customer net losses were 34,000, and total video customer net losses were 389,000. The company’s Connectivity & Platforms added 310,000 wireless lines, reaching 6.59 million in the quarter.
Meanwhile, AT&T Inc (NYSE:T) clocked 5.9 million wireless net adds, including 526 thousand postpaid phone net adds, and Verizon Communications Inc (NYSE:VZ) clocked 449 thousand postpaid phone net adds and retail postpaid net additions of 1.46 million.
Revenue from Media increased by 3.1% Y/Y to $6.98 billion due to higher domestic distribution, international networks, and other revenue.
Revenue from Studios rose by 4.3% Y/Y to $3.06 billion primarily due to higher theatrical revenue, including the performance of Five Nights at Freddy’s, Trolls Band Together, The Exorcist: Believer, and Migration.
Peacock’s paid subscribers in the U.S. increased nearly 50% Y/Y to 31 million. Peacock’s revenue grew by 57%, surpassing $1.0 billion quarterly revenue for the first time.
Theme Parks’ revenue increased by 12.2% to $2.37 billion due to higher revenue at its international and domestic theme parks.
Adjusted EBITDA margin of Connectivity & Platforms grew by 90 bps to 37.1%.
Comcast generated $1.71 billion in free cash flow and held $6.22 billion in cash and equivalents.
Connectivity & Platforms’ capital expenditures were $2.1 billion, down 19.4% Y/Y. Content & Experiences’ capital expenditures increased by 28.5% to $1.2 billion, reflecting increased investment in constructing the Epic Universe theme park in Orlando.
Dividend and Buyback: Comcast increased its dividend by 6.9% year-over-year to $1.24 per share on an annualized basis for 2024. It declared a quarterly cash dividend of $0.31 per share.
The Board also approved a new share repurchase program of $15 billion.
Price Action:Â CMCSA shares traded higher by 5.16% at $46.06 on the last check Thursday.
Comcast Peacock Photo by rarrarorro on Shutterstock
