Comcast: Peacock Flocks And Broadband Broadsides, Creating A Mixed Earnings Report


  • Comcast’s earnings report had a lot of surprises in it compared to expectations – but only some of them were good.
  • After three years of waiting, Peacock finally broke through, with the in-house streaming service adding 5 million subscribers in a single quarter.
  • Broadband competition continues to intensify and the impact was even worse than feared, with growth declining 80% compared to a year ago. 2023 may be even worse.
  • Sky’s improvement seems largely illusory, and the theme parks and wireless growth are largely baked in, although further wireless upside is still possible.
  • Linear Video is collapsing, not just at Comcast but industry-wide, and this may pose a further headwind as NBCUniversal’s cable networks may well lose more profits than Peacock will gain.
Close up of metal scissors cutting black wire


Before market open today, Comcast (NASDAQ:CMCSA) released its Q4 and full-year earnings report. While I have been reporting on developments within specific divisions of the company throughout 2022, I will now take a company-wide birds-eye view for the first time since

Disclosure: I/we have a beneficial long position in the shares of TMUS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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