Comcast Corp. (CMCSA) saw revenue and earnings decline in the second quarter as the company felt the sting of the COVID-19 crisis, but shares were up 4.8% in premarket trading Thursday after the media giant topped expectations on both metrics. The company posted net income of $2.99 billion, or 65 cents a share, down from $3.13 billion, or 68 cents a share, in the year-earlier quarter. Adjusted earnings per share fell to 69 cents from 78 cents, while analysts surveyed by FactSet had been looking for 55 cents. Comcast saw revenue decline to $23.72 billion from $26.86 billion a year earlier. The FactSet consensus was for $23.58 billion. Comcast generated $14.4 billion in revenue from its cable business and the company saw record second-quarter customer relationship net additions for that part of the business. Comcast also witnessed its best second quarter for high-speed internet net additions in 13 years. Total customer relationships increased by 217,000 and total high-speed internet net additions came in at 323,000, not including over 600,000 high-risk or free-internet customers that still receive the company's service. The company said its Peacock service, which launched to Comcast Xfinity subscribers in April and the general public in July, has racked up 10 million sign-ups so far. "Overall, based on our results and the many organic growth opportunities that we have across our company, I am confident in our ability to continue to successfully navigate the impact of COVID-19, and emerge from the crisis even stronger," Chief Executive Brian Roberts said in a release. Comcast shares have risen 17% over the past three months as the S&P 500 has gained 12%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 30, 2020 07:14 ET (11:14 GMT)
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