Comcast Beats Profit Estimates Amid Broadband Subscriber Losses

Comcast reported a third-quarter adjusted profit of $1.07 per share, surpassing analyst estimates of $0.98 and marking its 40th consecutive quarter of earnings-per-share beats. Despite the profit growth, the company lost 144,000 broadband subscribers, a steeper decline than the 116,800 losses analysts had predicted. The company attributed these losses to aggressive price cuts from fiber providers and AT&T.

In response to the connectivity slump, the company is planning significant layoffs to restructure its business. Comcast also announced plans to spin off NBCUniversal by mid-2027. While the connectivity sector struggled, the media division saw revenue increase 13% to $5.36 billion, driven by the film "The Odyssey" and a $261 million quarterly pre-tax profit from Peacock.

Financial results were mixed across other units. Shares rose 2% in premarket trading, but the theme park division reported a 4.4% revenue decline to $2.60 billion. This drop resulted from weaker demand in Orlando and a decrease in Chinese tourism at parks in Japan.