Overview

• US media and connectivity firm posted a smaller-than expected 1.2% yr/yr drop in Q2 revenue

• Adjusted EPS fell 16.7%, less than analyst expectations

• Co's Peacock segment reported profitability for the first time, supported by sports, entertainment and major live events

Outlook

• Company sees near-term softness in Theme Parks but remains confident in long-term opportunity

Result Drivers

• BROADBAND AND VIDEO DECLINES - Residential broadband and video revenue fell due to lower average rates and fewer customers

• WIRELESS AND BUSINESS SERVICES GROWTH - Wireless service and equipment revenue rose on record net line additions; business services connectivity revenue and EBITDA also increased

• CONTENT & EXPERIENCES BOOST - Media revenue grew on FIFA World Cup, NBA rights, and Peacock subscriber gains; Studios benefited from strong theatrical releases

Company press release: ID:nBw71nB58a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue	Beat	$29.94 bln	$29.30 bln (22 Analysts)
Q2 Adjusted EPS	Beat	$1.04	$0.97 (20 Analysts)
Q2 EPS		$0.99

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 20 "hold" and 3 "sell" or "strong sell"

• The average consensus recommendation for the wireless telecommunications services peer group is "buy."

• Wall Street's median 12-month price target for Comcast Corp is $32.00, about 36.1% above its July 22 closing price of $23.52

• The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 8 three months ago

Reuters Recommended Reads

• July 22 - AT&T tops targets for new wireless subscribers as bundle offers spur demand

• July 20 - AMC posts surprise profit as summer blockbusters boost US box office

• July 23 - UK regulator seeks views on proposed ITV-Sky deal

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