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Media company Comcast has reported its third-quarter earnings earlier today, and the revenue surpassed what analysts had expected.
Comcast’s Revenue Surpasses Analysts’ Estimate
The revenue in the previous quarter was $30.30 billion, surpassing the $29.87 billion estimated by analysts according to Refinitiv. Comcast’s earnings per share for the third quarter were $0.87 compared to the $0.75 expected by analysts.
The increase in its revenue was mostly due to the growth in new broadband internet customers during the last three months. Comcast added 300,000 new high-speed internet customers in the third quarter of the year. The figures are still higher than the 296,000 market experts had expected the company to add.
The increase in the number of high-speed internet users came despite the company’s CFO, Michael Cavanagh, stating last month that Comcast expects lower broadband additions. The warning from the Comcast executive briefly affected the company’s stock price at the time, with analysts adjusting their forecast.
The company didn’t report new sign-ups for its Peacock streaming platform. The platform offers paid and free options to its users. According to the data presented in the second quarter, the Peacock streaming platform had roughly 54 million sign-ups.
CMCSA Trading In The Red Zone Despite Upbeat Q3 Revenue
The shares of Comcast have been down by less than 1% since the market opened, despite the company reporting an upbeat Q3 earnings report earlier today. At the time of this report, CMCSA is trading at $52.38, down by 0.11%.
CMCSA has underperformed over the past three months. In the third quarter of the year, the stock price dropped by nearly 10%. Year-to-date, the stock hasn’t improved that much, adding only 1% to its value.
However, with the increase in revenue and other metrics in the previous quarter, CMCSA could rally higher over the coming days and weeks.
This article was originally posted on FX Empire