Comcast (CMCSA) Q2 2020 earnings

Brian Roberts, chief executive officer of Comcast, arrives for the annual Allen & Company Sun Valley Conference, July 9, 2019 in Sun Valley, Idaho.

Drew Angerer | Getty Images

Comcast is set to report its second-quarter earnings before the bell on Thursday. This is the first earnings report since Comcast’s NBCUniversal, the parent company of CNBC, has launched its new ad-supported streaming service, Peacock, and the first to reflect the full extent of the pandemic on Comcast’s business.

Here are the key numbers:

  • Earnings per share (EPS): 55 cents expected, according to Refinitiv
  • Revenue: $23.57 billion expected, according to Refinitiv
  • High-speed internet customers: 247,000 net adds, according to FactSet

Comcast had already felt some of the effects of the pandemic in the first quarter. The company reported a nearly 40% drop in first-quarter profit even though its cable and broadband divisions got a boost due to stay-at-home orders around the world keeping people inside.

Comcast said in its last report it expected advertising would be down “significantly” this quarter, due in part to the lack of live sports events. 

Executives likely hope Peacock can help buoy other parts of the business as consumers stuck inside look for entertainment options. The service debuted broadly earlier this month, entering the crowded field of new streaming platforms but differentiating itself with its tiered, ad-supported model.

NBCUniversal’s theme parks business has suffered during the pandemic. Though Universal’s Orlando-based parks were able to reopen in June, its California parks remain in limbo. Rising case counts in Florida could also jeopardize any progress there despite enhanced protocols to deal with the virus.

The company has also had to navigate delayed film releases and decisions about whether to release features over streaming platforms as it did for “Trolls World Tour.” The release sparked a brief dispute with AMC Theatres, which said it would no longer host Universal’s film slate at its 1,000+ locations. But the companies ultimately struck a deal that will allow Universal to make its titles available on-demand sooner than before.

This story is developing. Please check back for updates.

Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC.

Subscribe to CNBC on YouTube.

WATCH: Apple, Disney and other media giants are ready for battle against Netflix in the streaming war

Source link

Share on Facebook
Follow us