UPDATE 1-Comcast warns of steeper impact of coronavirus as first quarter revenue narrowly misses forecast [Reuters]
Comcast Corporation - Class A (CMCSA)
Last comcast corporation - class a earnings: 4/30 07:00 am
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Source: Reuters
Comcast warns of steeper impact of coronavirus as first quarter revenue narrowly misses forecast (Reuters) - Comcast Corp ( CMCSA.O ) on Thursday reported first quarter revenue that fell shy of Wall Street’s estimate, and warned of a weaker second quarter as a result of the coronavirus impact on advertising, theme parks, and films. “Looking ahead, we anticipate advertising revenue will materially weaken from the first quarter due to the continued postponement of sports as well as the shape of the economic recovery as it reopens from COVID-19 shutdowns,” Chief Financial Officer Michael Cavanagh said on the company’s earnings call. Shares in Comcast were down 4.2% at $37.35. In the first quarter, Comcast gained 477,000 broadband subscribers, beating analysts’ average estimate of 364,000 net additions, according to research firm FactSet. Revenue from the business grew 9.3% to $5 billion. Comcast experienced a spike in broadband use and a shift in usage patterns as schools and offices c
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