Comcast beats earnings expectations, but falls short on new internet customers
Comcast is set to report earnings for the fourth quarter of 2021 before the bell on Thursday.
Here are the key numbers:
- Earnings: 73 cents per share expected, according to a Refinitiv survey of analysts
- Revenue: $29.61 billion expected, according to Refinitiv
- High-speed internet customers: 220,000 net adds expected, according to FactSet
Investors will be watching how many new broadband subscribers the company has been able to bring in during the quarter, after Comcast Cable’s CEO predicted a full-year number that fell below estimates during an event last month.
Tech stocks have recently experienced a broad sell-off as expectations of a return to normalcy from the height of the Covid-19 pandemic drive some investors away from the so-called stay-at-home stocks amid rising inflation.
Comcast will also likely provide insight into consumption of NBCUniversal’s ad-supported streaming service, Peacock. The service faces a competitive field including Disney, Netflix and Amazon, among others. Last quarter, NBCUniversal CEO Jeff Shell said it “added a few million more subs,” after the company said in July it had 54 million sign-ups.
The company’s theme parks business has recently seen a rebound as pandemic-induced restrictions have eased.
Any guidance for the following quarter would account for NBCUniversal’s airing of the Winter Olympics and Super Bowl, in February. The Olympic Games face extra challenges this year amid the persistent danger of Covid-19 spread and the U.S. diplomatic boycott due to what White House press secretary Jen Psaki called “ongoing genocide and crimes against humanity in Xinjiang and other human rights abuses” by China, this year’s host of the event.
This story is developing. Check back for updates.
Disclosure: Comcast is the owner of CNBC parent company NBCUniversal.