Thu, Jul. 23, 3:03 PM
- Comcast (NASDAQ:CMCSA) has fallen 2.8% in the wake of this morning's second-quarter earnings release.
- On an earnings call, execs said the company is ramping up deployment of its X1 platform, deploying 30K set-top boxes each day and "pushing to be even faster."
- "We continue to believe X1 is an absolute game changer, better connecting our customers to content serving as a platform for so much more," said CEO Brian Roberts, noting that VOD usage is up and churn is down as the deployments proceed.
- Comcast added customer relationships on a net basis (+31,000) in what is traditionally a weak quarter in that area, and Cable CEO Neil Smit pointed to lower churn and gave some credit to customer service improvements: "The percent of the customers who are calling and speaking to agents is down 15%. ... So our waiting times are down and we're getting it right."
- Smit confirmed the company would be doing a market trial of DOCSIS 3.1 in Q4. The technology has the blue-sky capability to deliver 10 Gbps downstream and 1 Gbps up, though those speeds are a good ways off.
- Citigroup's Jason Bazinet tempered his reaction: "While video net losses beat, broadband net adds were a touch light” and “NBCU, while solid, saw mixed results ... In all we expect a muted reaction to the quarterly results.”
- Previously: Comcast -0.9% premarket after in-line Q2 boosted by entertainment (Jul. 23 2015)
- Previously: Comcast at INTX: $300M investment in customer service (May. 05 2015)
Thu, Jul. 23, 9:06 AM
- Comcast (NASDAQ:CMCSA) is off 0.9% premarket after Q2 profits were in line and revenue picked up as the company cut its video subscriber losses even as some other areas slowed down.
- For the first time, the company has more broadband subscribers than video subscribers. On the media side, a monster hit in Jurassic World added to profits.
- Net income of $2.14B rose 7.3% Y/Y on revenue growth of more than 11%.
- Cable Communications revenue of $11.73B by segment: Video, $5.4B (up 3.7%); High-speed Internet, $3.1B (up 10%); Voice, $903M (down 2.1%); Business Services, $1.16B (up 20.4%); Advertising, $582M (down 0.9%); Other, $551M (up 10.9%).
- At NBCUniversal, revenues of $7.23B by segment: Cable networks, $2.45B (down 1%); broadcast television, $1.8B (down 0.2%); Filmed Entertainment, $2.27B (up 92.7%); Theme Parks, $773M (up 25.7%).
- Net video subscribers declined by 69,000 -- an improvement of 52% from last year's decline -- while high-speed Internet customers were a net positive 180,000 (down 11%) and voice customers a net +49,000. Overall, customer relationships were up 31,000 to a total of 27.3M, driven by bundle plays (single-product customers -56,000; two-product customers +46,000, three-product customers +42,000).
- Press Release
Thu, Jul. 23, 7:03 AM
Wed, Jul. 22, 5:30 PM
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Thu, Jun. 25, 10:15 PM
- Along with fiscal Q3 earnings, Canada's Shaw Communications (SJR +1%) revealed that in lieu of developing its own IPTV service, it's going to give a trial to X1 from Comcast (NASDAQ:CMCSA) -- a big win for the U.S. cable giant as it tries to scale the platform following an unsuccessful bid for Time Warner Cable.
- That would make Shaw the second big provider to express interest in licensing X1, as Cox Communications gives it a hard look for its own next-generation video offering. Cox has pulled off a lab trial and would next test with its employees.
- Shaw will write down $55M of IPTV assets after scrapping its own plan. Comcast's X1 platform uses a cloud-based interface for its set-top boxes and mobiles for viewing.
- Shaw lost 24,524 cable subscribers this quarter, to end with 1.88M, and also offers satellite TV to about 851K subs.
- Last year, Shaw's Canadian peer Cogeco (OTC:CGEAF) scrapped its IPTV plan when it encountered "performance issues," and instead partnered with TiVo.
- Previously: Shaw up 1.5% following Q3 earnings where revenue grew (Jun. 25 2015)
Mon, May 4, 9:33 PM
- Comcast (NASDAQ:CMCSA) finished the first quarter with just 6,000 more video subscribers than broadband subscribers, and on today's earnings call, Cable CEO Neil Smit confirmed that the numbers have flipped by now -- so Comcast is officially more broadband company than cableco.
- That's a regulatory risk further out, considering FCC regulation, but Comcast is looking pretty good for now, after a first-quarter earnings beat and 2.5% revenue growth.
- The company still makes more from video than broadband at the moment, but the margins are higher for broadband service, as content costs continue to pile up.
- CEO Brian Roberts says they're disappointed about the blow-up of the Time Warner Cable deal, "but really, really we've moved on," and his top priorities focus on execution around the company's existing assets, "service, organic growth."
- Theme Parks showed 33%-plus growth for NBCUniversal, and unit chief Steve Burke said to expect more investment there including "a very significant hotel build out in Orlando over the next five or so year."
Mon, May 4, 9:20 AM
- Comcast (NASDAQ:CMCSA) is 2.5% higher premarket after a solid Q1 beat where it nevertheless lost more video subscribers.
- Adjusted EPS grew 16.2%, and revenue of $17.85B grew 2.5% and was 2.5% better than expectations of $17.4B. EBITDA of $5.96B beat expectations by $167M.
- Net subscriber adds declined for video customers by 8K, but increased by 407K for high-speed Internet and by 77K for voice. In terms of bundling, single-product customers declined by 10K, while double-product gained by 140K and triple-product increased by 69K.
- Revenue by segment in Cable communications: Video, $5.33B (up 3%); High-speed Internet, $3.04B (up 10.7%); Voice, $906M (down 1.5%); Business services, $1.11B (up 21.4%); Advertising, $504M (down 0.7%); Other, $531M (up 9.4%).
- Revenue by segment at NBCUniversal: Cable networks, $2.36B (down 5.9%); Broadcast television, $2.25B (down 14.2%); Filmed entertainment, $1.45B (up 7%); Theme parks, $651M (up 33.7%). Excluding Olympics and Super Bowl, Cable networks revenue gained 4.9% and broadcast TV was up 5.5%.
- Capex increased 19.2%, to $1.73B in Q1. Free cash flow was still up 12.7% to $3.2B.
- The company said it would increase buybacks by $2.5B this year. In 2015 it plans $6.75B in repurchases. The company bought back 35.1M shares in Q1, for $2B, and had $8B left in its authorization.
- Press release
Mon, May 4, 6:03 AM
Sun, May 3, 5:30 PM
Tue, Apr. 28, 8:42 PM
- During T-Mobile's (NYSE:TMUS) Q1 earnings call, colorful CEO John Legere took another opportunity to hint at the tie-up that increasingly seems to be in the company's future: with a cableco that offers broadband.
- Just days after FCC opposition killed the Comcast-TWC merger, Legere pointed to the need to counterbalance AT&T (NYSE:T) and Verizon (NYSE:VZ), which combine wireless service with broadband offerings and even TV business.
- Regulators seem to be opposed to cable-cable deals, and wireless-wireless deals like aborted plans for a Sprint (NYSE:S) merger with T-Mobile -- but Legere notes a natural fit may occur across industries: "The tangential players are touching mobile players in a way that makes a go-to-market strategy."
- Analyst Craig Moffett urges caution, as regulators might already see the two industries as competition. "Wireless broadband is clearly the FCC's best hope for a counter to cable's wired advantage. They might decide that they aren't ready to allow a combination like that."
- Possible cable suitors: CMCSA, TWC, CHTR, CVC
- After earnings today, TMUS -0.3%.
- Related: T-Mobile US (TMUS) Q1 2015 Results - Earnings Call Transcript (Apr. 28 2015)
- Previously: T-Mobile grows Q1 revenues 13%, adds 1.8M subscribers (Apr. 28 2015)
- Previously: T-Mobile keeps fanning Dish partnership flames (Mar. 06 2015)
Tue, Feb. 24, 12:25 PM
- Comcast (NASDAQ:CMCSA) is "optimistic" it will close its $45B acquisition of Time Warner Cable (NYSE:TWC) in "early 2015," and CEO Brian Roberts' comment on today's earnings conference call that there's "lots of information-gathering" between Comcast and regulators is likely an understatement.
- Roberts hopes that as soon as the FCC handles this week's vote on re-regulation (a stance he calls "antiquated"), the commission can turn its attention to the TWC transaction.
- As part of its Cable Communications revenue (up 6.1% to $11.3B), Comcast noted a 9.9% increase in revenue from high-speed Internet (to $2.9B), which outpaced Video (up 1.3% to $5.19B).
- And while NBCUniversal revenues were up 2.3%, that was mitigated by a revenue slip in filmed entertainment -- down 10.6% to $1.3B -- as home entertainment revenue slipped. Theme parks carried the day for this division, up 30% to $735M.
- The company dropped some hints about how it might move into WiFi-fueled services, like Cablevision (NYSE:CVC) has, and has deployed about 8.3M hotspots, in-home and outdoors: “We do believe in the asset and [are] working on ways on bringing it to market in the coming months," says Cable CEO Neil Smit, noting it might even evolve into a new business. Comcast has MVNO relationships with Sprint and Verizon.
- Currently, CMCSA up 1.7%.
- Q4 earnings
- Previously: Comcast beats on revenue as cable sales grow 6% (Feb. 24 2015)
Tue, Feb. 24, 8:30 AM
- Comcast (NASDAQ:CMCSA) has turned higher premarket, +0.1%, after posting Q4 earnings that increased 16.7% (after adjustments) but slightly missed expectations.
- EBITDA of $5.976B came in slightly higher than the $5.95B expected.
- Segment revenues: Cable communications, $11.31B (up 6.1%); NBCUniversal, $6.6B (up 2.3%).
- Customer relationships were up by 178K (up 47% Y/Y). For the full year, customer relationships increased by 358K (up 67% Y/Y).
- The company is hiking its dividend 11% and will provide exact guidance on buybacks after closing the TWC merger, though it expects to repurchase at least $4.25B.
- Conference call at 8:30 a.m. ET.
- Press release
Tue, Feb. 24, 7:03 AM
Mon, Feb. 23, 5:30 PM
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Thu, Jan. 29, 9:20 AM
- On Time Warner Cable's (NYSE:TWC) earnings conference call, the company waved off persistent attempts to get a hint of 2015 guidance due to the Comcast (NASDAQ:CMCSA) deal. Capex of $4.1B in 2014 (up 28%) comprised "accelerated investment in TWC Maxx, improved customer experience and network expansion."
- Revenue growth was offset in part by increasing operating expenses of 2.8%, including increases in programming costs (up 4.7%), sales and marketing (business) costs, and technical operations (residential) costs.
- Q4 Free cash flow of $891M, up 15% Y/Y; full-year free cash flow of $2.35B is down about 10%.
- Previously: TWC misses expectations as video subs continue exodus (Jan. 29 2015)
- Previously: Time Warner Cable misses by $0.06, misses on revenue (Jan. 29 2015)
Thu, Jan. 29, 8:52 AM
- Time Warner Cable's (NYSE:TWC) earnings miss today comes as it continued to bleed off residential video customers, while business services revenues and ad revenues made up highlights of its revenue growth. Operating income up 4.5%.
- Subscriber breakdowns: Residential video customers net loss of 38K; Residential high-speed data net adds of 168K; residential voice net adds of 295K; residential triple play net adds of 273K. Total customer relationship net adds of 67K.
- Residential services revenue up on increased high-speed data revenue, offset by declines in video and voice.
- Business services revenue up mainly on high-speed data and voice customers as well as cell tower backhaul.
- No full-year guidance offered, given where TWC is with the ongoing Comcast (NASDAQ:CMCSA) buyout.
- Q4 results
- Press release
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