Comcast has reported results for the quarter ended December 31st 2024. Consolidated revenue was up 2.1 per cent at $31.9 billion (€30.5bn) whilst full year revenue rose 1.8 per cent to $123.7 billion.Strong studio and good network performance was offset by further drops in cable connections – even though the 311,000 loss was down on last year. Remaining cable connections stand at 12.5 million. The company has a plan to spin-off its TV networks for cable including MSNBC and E!. Meanwhile its streamer play Peacock has delivered revenue growth while implementing cost cuts.“We had the best financial performance in our company’s 60-year history with record revenue, EBITDA and EPS along with significant free cash flow,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “Driving these results were the many accomplishments our teams have made across our six growth businesses, including 5 per cent connectivity revenue growth in an intensely competitive environment, another 1.2 million mobile line additions, and a 5 per cent increase in revenue for Business Services. We also had strong performance from our Studios, where we ranked #2 in worldwide box office, and at Peacock, where we delivered revenue growth of 46 per cent, fueled by a diverse slate of sports and entertainment content, including the incredibly successful Paris Olympics. Looking ahead to 2025, we are excited about our Comcast Business acquisition of Nitel, the opening of Epic Universe and bringing the NBA and WNBA back to NBC and on Peacock. We’re positioning our company for the future, and the Board’s confidence in our path forward is underscored by today’s announcement that we are increasing our dividend for the 17th consecutive year.”Q4 and Full Year 2024 Highlights:
- At Connectivity & Platforms, Connectivity revenue increased 4.9 per cent to $11.5 billion in Q4 and 5.7 per cent to $45.1 billion for the Full Year, reflecting growth in domestic broadband, domestic wireless, international connectivity and business services connectivity
- Peacock revenue increased 28 per cent to $1.3 billion in Q4 and 46 per cent to $4.9 billion for the Full Year compared to the prior year periods; nevertheless, the streaming platform still saw $372 million in losses (down from $436 million in the prior quarter). Peacock subscribers remained flat at 36 million in Q4. --NBC Sports delivered Its most-watched year since 2016, boosted by the Paris Olympics and Peacock’s first-ever exclusive live streamed NFL Playoff game;
- Studios Adjusted EBITDA increased 85 per cent to $569 million in Q4 and 11 per cent to $1.4 billion for the Full Year; Ranked the #2 studio in worldwide Box Office for the year, driven by the theatrical performance of Despicable Me 4, The Wild Robot and Wicked
- Theme parks revenue in Q4 was Consistent with the prior year period and Adjusted EBITDA inQ4 decreased 3.9 per cent to $838 million, due to pre-opening costs for Universal Epic Universe
- Announced intention to spin-off select cable TV networks in a tax-free transaction.
Meanwhile, Comcast has announced it is rolling out a new, ultra-low lag connectivity experience when customers use interactive applications like gaming, videoconferencing, and virtual reality.With the launch, Xfinity Internet latency will be “dramatically reduced to faster than the blink of an eye”, when using FaceTime on iPhone, iPad, Mac, Apple TV and Apple Vision Pro apps on Meta’s mixed reality headsets that will support this technology, along with NVIDIA’s GeForce NOW, many games on Valve’s Steam games platform, or any other applications that choose to leverage the open standard technology going forward.“Our connectivity is the key to unlocking a world of entertainment, sports, news and information and we’re constantly pushing the limits of network innovation to create an experience that exceeds the expanding demands of our customers,” said Emily Waldorf, SVP, Consumer Products, Comcast Connectivity and Platforms. “Modern applications are real-time and interactive and require more than just fast speeds. Xfinity Internet’s lower lag times will be a differentiator for Comcast.”
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