Comcast Q3 Earnings Exceed Estimates with $1.12 EPS, $32.07B Revenue Boosted by Olympics

Oct 31, 2024, 11:26 AM

Comcast reported third-quarter financial results that exceeded analysts' expectations, driven by a significant boost from the summer Olympics. The company reported a record high of $1.9 billion in incremental Olympics revenue. Overall, Comcast's Q3 revenue increased by 6.5% year-over-year to $32.07 billion, while net income fell 10% to $3.63 billion. Adjusted earnings per share were $1.12, surpassing the estimated $1.06. Revenue for the media segment, primarily composed of NBCUniversal, rose 37% year-over-year to $8.23 billion. Despite shortfalls in broadband and theme parks, Comcast's performance was bolstered by the Olympics and better-than-expected broadband subscriber losses. Comcast's stock rose 5.2% pre-market following the earnings report.