Comcast reports strong 4Q thanks to growth in wireless, business services and broadband segments
Tech Earnings
Cable media giant Comcast once again exceeded quarterly analyst estimates thanks to strong growth across its wireless, business services and broadband segments.
For its fourth quarter, Comcast reported non-GAAP net income of $3.1 billion, or 66 cents a share, on revenue of $30.3 billion. Excluding items, Comcast reported earnings of 77 cents a share, up from 56 cents a share a year earlier, according to the company's earnings announcement.
Although non-GAAP earnings-per-share for the fourth quarter were down 9.6% from last year, Philadelphia-based Comcast beat Wall Street estimates on its adjusted earnings-per-share, by four cents. Analysts had expected 4Q net income of 73 cents a share on revenue of $29.6 billion.
Comcast has several business units, but among the fastest growing units for fourth quarter 2021 was its wireless business which grew to $709 million, up 40.3% from the same period last year. Business services for fourth quarter was $2.3 billion, up 11.5% from fourth quarter 2020. Broadband revenue was reported at $5.9 billion, up 8.5% from the previous year's fourth quarter. Comcast reported fourth quarter advertising revenue of $818 million, down 12.5% from the same period last year.
The following is a rundown of the results of Comcast's customer base for the fourth quarter and full year 2021: