Comcast Q3 Sees Continued Headwinds iIn Cable As NBCU Advertisements Drop Publish-Olympics

Cable-and-entertainment large Comcast Corp. mentioned that its flagship enterprise continued to grapple with business headwinds, because it added simply 14,000 broadband subscribers within the third quarter and noticed advert income decline within the wake of the absence of an Olympics telecast this yr.

The Philadelphia firm’s third quarter income dipped 1.5%, to $29.85 billion. The quarter lacked a TV extravaganza like final yr’s Tokyo Olympics, and the corporate’s NBCUniversal enterprise reported a 35.1% drop in promoting gross sales. NBCU mentioned its Peacock streaming hub had 15 million paid subscribers, in contrast with 13 million within the earlier quarter.

Internet loss attributable to Comcast got here to $4.6 billion, or $1.05 per share, in contrast with a revenue of $4.04 billion, or 86 cents per share, within the year-earlier interval. Comcast took on non-cash impairment prices within the quarter associated to its Sky enterprise in Europe.

“Regardless of the challenges which will lie forward, we’re in an enviable strategic and monetary place, and our future stays brilliant,” mentioned Brian Roberts, Comcast’s chairman and CEO, in a press release.

Extra to come back….