Comcast Corporation (NASDAQ:CMCSA) released its Q4 earnings report before opening bell this morning. Comcast earnings came in at 49 cents per share on an adjusted basis, while revenue amounted to $21.9 billion for Q4. Analysts had been expecting non-GAAP earnings of 47 cents per share on $21.8 billion in revenue. In the same quarter a year ago, on $21.03 billion in revenue.
Comcast earnings rise on tax benefit
Comcast earnings grew to $3.17 per share from 48 cents per share in the year-ago quarter. Adjusted EBITDA grew 6.2% year over year. The GAAP result includes a $12.7 billion tax benefit in connection with the tax reform bill as the company reduced its deferred tax liabilities.
“At Cable, our best-in-class products and continued focus on the customer experience drove healthy EBITDA growth balanced with strong customer relationship net additions,” Chairman and CEO Brian Roberts said in a statement on the Q4 Comcast earnings results. “At NBCUniversal, our Film business achieved record profitability, our Theme Parks delivered record attendance, and our TV business produced strong results – demonstrating the power of our sports, news and entertainment content.”
Comcast’s cable segment records solid results
Cable Communications revenue rose to $13.3 billion from $12.8 billion in the year-ago quarter. Comcast added 243,000 customer relationships in the segment during Q4. The company had 29.3 million Xfinity customers as of the end of Q4. The company added 350,000 high-speed internet subscribers and lost 33,000 video subscribers, while consensus had been expecting Comcast to add 312,000 internet customers and lose 45,000 video customers.
Video revenue grew to $5.7 billion from $5.6 billion, while High-Speed Internet revenue increased to $3.8 billion from $3.5 billion. Voice revenue fell to $832 million from $873 million, while Business Services revenue grew to $1.6 billion from $1.4 billion a year ago. Ad revenue fell to $629 million from $719 million.
NBCUniversal revenue grew to $8.8 billion from $8.5 billion a year ago. Cable Networks revenue ticked up to $2.7 billion, while broadcast TV revenue grew to $3 billion. Theme Parks revenue rose to $1.5 billion.
Following the Q4 Comcast earnings release, the company’s stock slipped by about 1% in premarket trading, falling as low as $42 per share.