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.”
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »