Comcast Q2 Profit Down

(RTTNews) - Comcast Corp. (CMCSA, CMCSK) on Thursday reported a 2.8 percent decrease in profit for the second-quarter, but quarterly revenue rose 23.6 percent. Total high-speed internet customer net additions were 209,000, total video customer net losses were 224,000.

Consolidated net income attributable to Comcast for the second-quarter decreased 2.8 percent to $3.13 billion from last year's $3.22 billion, with earnings per share declining to $0.68 from $0.69 in the prior year. The comparability of consolidated results was impacted by the fourth quarter 2018 Sky transaction, Comcast said.

Net income attributable to Comcast, excluding adjustments, for the second-quarter was $3.61 billion or $0.78 per share compared to $3.19 billion or $0.69 per share in the previous year.

Total customer relationships increased by 152,000 to 30.9 million in the second quarter of 2019.

Total high-speed internet customer net additions were 209,000, total video customer net losses were 224,000, total voice customer net losses were 65,000 and total security and automation customer net additions were 23,000.

Consolidated revenue for the second quarter grew 23.6% to $26.86 billion from $21.74 billion last year. Consolidated pro forma revenue for the second quarter increased 0.8% to $26.9 billion. Analysts expected revenues of $27.06 billion for the second-quarter.

Revenue for Cable Communications increased 3.9% to $14.5 billion in the second quarter of 2019, driven primarily by increases in high-speed internet, business services and wireless revenue.

Revenue for NBCUniversal decreased 0.8% to $8.2 billion in the second quarter of 2019.

Cable Networks revenue increased 2.5% to $2.9 billion in the second quarter of 2019, reflecting higher distribution and content licensing and other revenue.

Pro Forma revenue for Sky decreased 3.3% to $4.8 billion in the second quarter of 2019. Excluding the impact of currency, revenue increased 2.4%, primarily driven by higher content and direct-to-consumer revenue, partially offset by lower advertising revenue.

Comcast declared a quarterly dividend of $0.21 a share on the company's common stock. The quarterly dividend is payable on October 23, 2019 to shareholders of record as of the close of business on October 2, 2019.

In the pre-market trade, CMCSA is trading at $45.01, up $0.14 or 0.31 percent.