Comcast Corp. notched a sizable profit beat in the third quarter as it continued to rack up new wireless customers but shed subscribers in its video business.
Revenue increased to $30.12 billion from $29.85 billion, whereas analysts were modeling $29.69 billion. The company generated $20.27 billion in revenue from its connectivity and platforms business, up from $20.05 billion a year before. The FactSet consensus was for $20.07 billion for this unit, which houses the company’s cable business.
“Broadband performance was not surprising and reaffirms our expectation for cable broadband volume to stay in the ex-growth category,” wrote Citi Research analyst Michael Rollins. “Wireless postpaid gains were fine, but the absence of a further acceleration could feed into the narrative that the wireless competitive landscape is stabilizing.”
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