Comcast Corp's fourth-quarter revenue beat Wall Street expectations on Thursday, as the media company saw continued demand at its theme parks and experienced modest gains in broadband subscribers outside of regions hit by Hurricane Ian.
fourth-quarter revenue beat Wall Street expectations on Thursday, as the media company saw continued demand at its theme parks and experienced modest gains in broadband subscribers outside of regions hit by Hurricane Ian.
Total revenue rose 0.7% to $30.55 billion in the quarter. That beat analysts' estimates of $30.32 billion, according to Refinitiv data. A broader recovery in outdoor entertainment, coupled with an uptick in ad spending on its networks during the soccer World Cup and U.S. elections in November, helped boost the company's revenue.Comcast lost 440,000 video subscribers in the quarter, fewer than Factset's estimated loss of 548,000, as the trend of cable TV cord-cutting continued.
The company also lost 26,000 broadband customers in the quarter, compared with Factset's estimated loss of 40,000 customers. Excluding the areas affected by Hurricane Ian, which struck Florida in late September, the company reported a net gain of 4,000 broadband customers.
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