Key Takeaways:
- Comcast reported Q2 EPS of $1.04, beating the $0.97 consensus estimate
- Revenue fell 1.2% YoY to $29.94 billion but topped the $29.18 billion forecast
- Net income dropped 68% to $3.53 billion after a year-ago $9.4 billion Hulu gain
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Comcast beats Q2 estimates by 7% as revenue tops $29.9 billion
Comcast Corp reported Q2 earnings of $1.04 per share, beating the $0.97 consensus estimate by 7.2%.
The Philadelphia-based cable and media company posted revenue of $29.94 billion for the quarter ended June 30, surpassing the $29.18 billion analysts had expected, according to Zacks Investment Research.
Revenue declined 1.2% from $30.31 billion a year earlier, while adjusted EPS fell 16.7% from $1.25. Net income attributable to Comcast dropped 68.3% to $3.53 billion, a comparison distorted by the $9.4 billion gain from the sale of its Hulu stake in the year-ago quarter. EBITDA fell 13.4% to $8.9 billion.
The company generated $4.6 billion in free cash flow during the quarter and returned $2.1 billion to shareholders through share repurchases and dividends. Comcast is pursuing a separation of NBCUniversal and Sky into two distinct entities, a restructuring that adds uncertainty to near-term earnings visibility.
Estimate revisions for Comcast have been trending lower ahead of the report, and the stock carries a Zacks Rank #4 (Sell), suggesting it may underperform the broader market in the near term. Shares have lost about 21.3% year to date, compared with the S&P 500's 9.6% gain.
The earnings beat provides a short-term positive signal for holders, but the year-over-year declines in revenue and profit underscore the competitive pressures Comcast faces from streaming rivals and cord-cutting trends. Investors will watch the company's next quarterly report for updates on subscriber trends and the progress of the NBCUniversal and Sky separation.
This article is for informational purposes only and does not constitute investment advice.
