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Comcast Posts Mixed Q1 Results, Warns Of “Significant” COVID-19 Hit In Q2
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deadline.comBy Dade Hayes Finance Editor Comcast delivered a mixed bag of first-quarter results, missing Wall Street expectations for revenue, but beating profit forecasts.
The media giant also warned investors of a “significant” hit to second-quarter results due to COVID-19. Adjusted earnings per share came in at 71 cents, down nearly 7% from the same quarter a year ago but ahead of consensus estimates for 68 cents.
Revenue of $26.6 billion slid a fraction from a year ago and also fell short of analysts’ expectation of $26.75 billion. The coronavirus has boosted some parts of Comcast’s business, with its cable unit seeing a 33% increase in upstream traffic and a 40% increase in WiFi data usage.
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