Comcast noticed fourth-quarter internet earnings rise 7.8% to $3.3 billion on adjusted income that slipped 3% to $3.4 billion. Free money circulate was $1.7 billion vs $1.3 billion. Peacock hit some milestones, studio revenue surged and theme parks proceed robust.
The media large misplaced video and broadband clients, however added wi-fi subscribers.
The inventory is up 2.4% in pre-market buying and selling as the corporate boosted its dividend and introduced a giant $15 billion inventory repurchase program.
Peacock added 3 million subscribers from Q3 to hit 31 million subs – up practically 50% from the 12 months earlier. Streaming income rose 57% year-on-year to cross $1 billion. The streamer misplaced $825 million, narrowed from $978 million the 12 months earlier. The Kansas Metropolis Chiefs win over the Miami Dolphins, was a report breaker for Peacock earlier this month. The AFC Wild Card sport was streamed solely on Peacock for a lot of the U.S.
Additionally final quarter, Comcast obtained an preliminary $8.6 billion verify from Disney for its one-third stake in Hulu. It could get extra as the 2 firms and their respective funding bankers hash out a valuation for the asset.
The Media division noticed income nostril up regardless of a drop in promoting gross sales. Revenue fell on elevated sports activities programming prices and better programming prices at Peacock.
Common Studios was no. 1 in worldwide field workplace for the complete 12 months, Together with three of the highest 5 Movies: Tremendous Mario Bros. Film, Oppenheimer and Quick X. for the quarter. Studio This autumn income elevated, primarily attributable to increased theatrical together with 5 Nights at Freddy’s, Trolls Band Collectively, The Exorcist: Believer and Migration.
Content material licensing income was flat – increased on the movie studio, however decrease on the tv studio as a result of timing of when content material was made obtainable beneath licensing agreements, together with the impacts of the WGA and SAG-AFTRA strikes.
Theme Parks set one other report for adjusted ebitda (earnings earlier than curiosity, taxes, depreciation and amortization.
Comcast stated it should increase its dividend by 8 cents to $1.24 per share for 2024.
“We capped off 2023 and the fourth quarter with glorious operational and monetary efficiency,” stated CEO Brian Roberts. “For the third consecutive 12 months, we generated the best Income, Adjusted EBITDA and Adjusted EPS in our firm’s historical past. On the similar time, we invested in future progress, returned $16 billion to shareholders and maintained a wholesome stability sheet.”
Comcast “reported the best Adjusted EBITDA on report at Theme Parks; have been the #1 studio in worldwide field workplace for the primary time since 2015; and maintained Peacock’s place because the quickest rising streamer within the U.S. 2024 is already off to a fantastic begin – I couldn’t be extra happy with how our firm got here collectively to ship a record-breaking NFL Wild Card sport on Peacock and the nation’s largest night time on the Web ever,” Roberts stated.
“Our distinctive and complementary capabilities will allow us to capitalize on the various alternatives forward, and the Board’s confidence in our future is mirrored in immediately’s announcement that we’re growing our dividend for the sixteenth consecutive 12 months.”
MORE
