Comcast flags over $1 billion in restructuring charges in fourth quarter

Oct 22 — Comcast on Thursday flagged more than $1 billion in charges for the fourth ​quarter as it changes its organizational structure, ahead of the planned spinoff of its NBCUniversal business in mid-2027.

The company lost more ‌broadband customers than expected in the third quarter as fierce competition chipped away at its ⁠core business, while NBCUniversal benefited from ​gains in theatrical and streaming.

Shares of ⁠the company were up 3% in early trading.

Here are more details:

• ‌Broadband users decreased ‌by 144,000 in the third quarter, the company said, compared with ⁠the 116,800 losses estimated by analysts ⁠polled by FactSet and the 91,000 decrease reported in the year-ago period

• Comcast's studios, theme parks and Peacock streaming service are set to separate from the company as part of the planned NBCUniversal spinoff

• Comcast is reportedly planning a significant number of layoffs to ‌restructure its connectivity business

• "The Odyssey" was a bright ​spot for Universal Studios, becoming the highest-grossing film in its history and helping drive pre-tax profit up 18.6% for the unit

• The media division posted a 13% increase in third-quarter revenue to $5.36 billion, driven by soccer World Cup programming and "Love Island USA" on Peacock

• Peacock reported a quarterly pre-tax profit of $261 million, compared with a $217 ​million loss a year ago

• NBCUniversal's theme park unit is seeing weaker demand ‌in Orlando, while ‌geopolitical tensions ⁠continue to deter Chinese tourists from visiting its parks in Japan, which is a major market

• The segment reported a 4.4% decline in revenue to $2.60 billion, missing analysts' average estimate of $2.71 billion, according to data compiled ‌by LSEG

• Comcast reported ​an adjusted profit of $1.07 per share, above ‌analysts' average estimate of ⁠98 cents

(Reporting ​by Harshita Mary Varghese in Bengaluru; Editing by Shilpi Majumdar, Edmund Lee and ​Shinjini Ganguli)

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