Comcast Corporation reported a revenue increase for the third quarter and the first nine months of 2024, with total revenue reaching $32,070 million for the three months ended September 30, 2024, up 6.5% from $30,115 million in the same period of 2023. For the nine months, revenue was $91,817 million, a 1.7% increase from $90,319 million in the prior year. The growth was driven by strong performance in the Media segment, which saw a 36.5% increase in revenue for the third quarter, totaling $8,231 million, and a 13.9% increase for the nine months, reaching $20,926 million.
Despite the revenue growth, Comcast's profitability faced challenges. Total costs and expenses for the third quarter rose to $26,211 million, a 10.9% increase from $23,640 million in 2023. For the nine months, costs increased to $73,512 million from $71,489 million, representing a 2.8% rise. Operating income for the third quarter decreased by 9.5% to $5,859 million, while for the nine months, it fell 2.8% to $18,304 million. Net income for the third quarter was $3,576 million, down 10.5% from $3,997 million in 2023, and for the nine months, it decreased 6.4% to $11,192 million from $11,954 million.
The company experienced a decline in its residential broadband customer base, with an estimated loss of 96,000 customers in the third quarter, attributed to the expiration of the Affordable Connectivity Program funding. However, domestic wireless revenue increased significantly, up 19.2% to $1,093 million for the third quarter, reflecting growth in customer lines and device sales.
Strategically, Comcast entered into a new $11.8 billion revolving credit facility in May 2024, with no borrowings outstanding as of September 30, 2024. The company also issued €1.8 billion and £750 million in senior notes in September 2024 to support working capital and debt repayment. Additionally, Comcast repurchased 162 million shares of Class A common stock for $6.6 billion during the nine months, with a remaining authorization of $9.0 billion under its share repurchase program.
Overall, while Comcast's revenue showed positive growth, the company faced increased costs and declining net income, prompting strategic financial maneuvers to bolster its position in the market.
About COMCAST CORP
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.