Comcast (CMCSA) reported a strong set of financial results for the fourth quarter, surpassing analysts' expectations.
The company announced adjusted earnings per share of 84 cents, beating the consensus estimate of 79 cents. Revenue of $31.25 billion, reflecting a 2.3% year-over-year increase, also topped the average analyst estimate of $30.42 billion.
“We capped off 2023 and the fourth quarter with excellent operational and financial performance," said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation (NASDAQ:CMCSA).
The stock rose 2.6% on the news.
Its streaming service, Peacock, recorded revenue of $1.03 billion, marking a substantial 57% YoY growth. Analysts were looking for $974 million in Q4 revenue.
The adjusted Ebitda loss for Peacock stood at $825 million, better than the estimated loss of $857.5 million.
The platform's paid subscribers also exceeded expectations, reaching 31 million compared to the estimated 28.12 million.
Comcast announced a dividend increase of $0.08, representing a 6.9% YoY growth, amounting to $1.24 per share on an annualized basis for 2024.
Moreover, the Board of Directors approved a new share repurchase program authorization of $15 billion, providing the company with the flexibility to buy back its own shares.
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