Comcast set to report Q3 2020 earnings before the bell

Earnings

Brian Roberts, CEO, Comcast 

David A. Grogan | CNBC

Comcast is set to report earnings for its third quarter of 2020 before the bell on Thursday.

Here are the key numbers:

  • Earnings per share: 52 cents expected, according to Refinitiv survey of analysts
  • Revenue: $24.74 billion expected, according to Refinitiv
  • High-speed internet customers: 534,000 net adds expected, according to FactSet

Comcast’s theme parks business, which is part of its NBCUniversal division, has suffered the most during the pandemic as closures and capacity restrictions strain revenue. California has kept theme parks closed under strict reopening guidelines that only allow them to resume operations after their counties reach a rate of less than one case per 100,000 residents. Parks in Florida have been able to reopen with limited capacity.

Filmed entertainment has also suffered during the pandemic, which interrupted movie production and theater premieres. But those dips had been partly offset last quarter by increased revenue from broadcast and cable as consumers sought out entertainment from home.

Comcast’s Universal Pictures struck a deal with AMC Studios in July that could help both navigate the changed behaviors of consumers during the pandemic. Under the deal, AMC will show Universal films in its theaters but shorten the window of time before Universal can bring movies to consumers on-demand.

NBCUniversal’s new streaming service, Peacock, has also given the company a new alternative platform for its shows. Comcast reported in July that Peacock had already seen 10 million sign-ups in the few months since its launch, which was initially limited to Comcast subscribers.

This story is developing. Check back for updates.

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

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