Comcast Q3 revenue falls 6.1% but slightly beats estimates

Overview

• US media and broadband provider's Q3 revenue fell 6.1% yr/yr , but slightly beat analysts' expectations

• Adjusted EPS beat analysts' expectations

• Company continues previously announced suspension of share repurchase program

Outlook

• Company expects share repurchase pause to continue until NBCUniversal and Sky separation is complete

• Comcast says separation of NBCUniversal and Sky remains on track

• Company says near-term results reflect investments to address a dynamic market environment

Result Drivers

• BROADBAND AND VIDEO DECLINES - Lower video and domestic broadband revenue weighed on Residential Connectivity & Platforms performance

• WIRELESS GROWTH - Higher domestic wireless service and equipment revenue helped offset declines in other residential segments

• PEACOCK PROFITABILITY - Peacock delivered its second consecutive profitable quarter, supported by subscriber growth and event-driven revenue

Company press release:

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 16 "hold" and 4 "sell" or "strong sell"

• The average consensus recommendation for the wireless telecommunications services peer group is "buy."

• Wall Street's median 12-month price target for Comcast Corporation is $29.50, about 33.6% above its October 21 closing price of $22.08

• The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)