Comcast (NASDAQ:CMCSA) shares are tanking in the morning session today after the media and technology company announced third-quarter numbers. Revenue of $30.11 billion ticked higher by a modest 0.9% over the prior year. EPS of $1.08 landed past expectations by $0.13.
During the quarter, Comcast’s consolidated adjusted EBITDA rose by 5.1% to $10 billion, with adjusted EBITDA at Theme Parks coming in at a record $983 million. Further, a 3.9% increase in the average rate per customer helped drive a 3.8% growth in Domestic Broadband revenue.
In streaming, the number of paid subscribers at Peacock jumped by 80% over the prior year to 28 million. This uptick in subscribers helped drive a 64% growth in Peacock revenue, which reached $830 million.
However, the total number of Domestic Broadband customers declined by 18,000 to 32.29 million and the total number of Domestic Video customers dropped by 490,000 to 14.49 million. While revenue in the Domestic Wireless and International Connectivity verticals rose by double digits, the company saw substantial declines across Video and Advertising.
What is the Forecast for CMCSA Stock?
Overall, the Street has a Moderate Buy consensus rating on Comcast. The average CMCSA price target of $50.11 implies a 17.2% potential upside. That’s on top of a nearly 35.5% rise in the share price over the past year.
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