- Comcast Corporation (NASDAQ:CMCSA) reported first-quarter FY22 revenue growth of 14% year-on-year to $31 billion, beating the consensus of $30.5 billion.
- Segments: Revenue for Cable Communications rose 4.7% Y/Y to $16.5 billion, driven by increases in broadband, wireless, and business services partially offset by decreases in advertising, video, and voice revenue.
- Customer Relationships increased by 194,000 to 34.4 million. Broadband customer net additions were 262,000, and total video customer net losses were 512,000.
- The company's Cable Communications added 318,000 wireless lines.
- Revenue for NBCUniversal increased 46.6% Y/Y to $10.3 billion. Revenue from Media increased 36.3% Y/Y to $6.9 billion, reflecting higher advertising and distribution revenue, and Studios increased 15.1% Y/Y to $2.8 billion, primarily reflecting higher content licensing revenue and theatrical revenue.
- Theme Parks' revenue increased by 151.9% to $1.6 billion, reflecting improved operating conditions.
- Revenue for Sky decreased 4.5% Y/Y to $4.8 billion. Total Customer Relationships decreased by 106,000 to 22.9 million.
- Adjusted EPS of $0.86 beat the consensus of $0.81.
- Margin: Adjusted EBITDA margin of Cable Communications expanded 80 bps to 44%. Sky's adjusted EBITDA margin expanded 570 bps to 13%.
- Comcast generated $7.3 billion in operating cash flow, down 6.4% Y/Y, and held $8.9 billion in cash and equivalents.
- Comcast paid dividends totaling $1.2 billion and repurchased shares worth $3 billion.
- Cable Communications' capital expenditures were flat at $1.37 billion, NBCUniversal's capital expenditures increased 77.8% to $306 million, and Sky's capital expenditures decreased 45.8% to $147 million.
- Investors could be reacting to fall in cash flow and flat Capex.
- Price Action: CMCSA shares traded lower by 7.96% at $40.91 on the last check Thursday.
