See also: Verizon shows it’s better off than peers but that might not mean muchįilm revenue fell by 22.5% to $1.4 billion, while film Ebitda dropped 71% to $106 million. “The parks team is balancing near-term financial discipline with maximizing the long-term value of this business, and this is a dynamic effort on their part as the situation continues to develop,” Chief Financial Officer Michael Cavanaugh said on Comcast’s earnings call, and the company doesn’t know when it will be able to reopen its parks.
The company said it expects that if its parks were to remain closed for the whole of the second quarter, this would result in a roughly $500 million Ebitda loss for the segment. The impact of COVID-19 on results could be “material” in the “near-to-medium term.”Ĭomcast’s parks segment, part of NBCUniversal, saw revenue fall 32% to $869 million in the quarter, while earnings before interest, taxes, depreciation and amortization (Ebitda) dropped 85% to $76 million. The company also expects that NBCUniversal and Sky will be “negatively impacted to a greater extent” in the second quarter. “Our cable communications results, while strong in the first quarter 2020, will be negatively affected in the second quarter by the significant deterioration in domestic economic conditions in recent weeks and by the costs associated with our support of customer connectivity as the population increasingly works and learns remotely from home,” Comcast said in a release. Still, the company warned that performance may not be so rosy in the future. Total customer relationships for the cable business increased by 371,000, which the company said was its best first-quarter result on record. The company reported $14.92 billion in cable revenue, ahead of the $14.84 billion analysts were modeling, as it added 477,000 net new high-speed internet customers, which it called its best quarterly result in 12 years. Were a pure-play cable operator,” wrote MoffettNathanson analyst Craig Moffett in a note titled “Winners, Losers, and Comcast.” He rates the stock a buy with a $43 target.Ĭomcast’s revenue of $26.61 billion for the first quarter fell short of the FactSet consensus, which called for $26.87 billion, but adjusted earnings per share of 71 cents exceeded estimates for 69 cents.ĭon’t miss: Twitter stock drops after vague comments on April suggest company isn’t seeing same stability as Facebook “One can only lament just how good results would have been if Comcast
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