Comcast tops profit forecasts; cable TV subscriptions fall

Comcast tops profit forecasts; cable TV subscriptions fall

Beating all growth expectations, Sky has reported a 9 per cent rise in full-year core earnings after it added more than 500,000 customers across its European operations.

Revenue rose 2.1% to $21.735 billion but came in shy of the $21.857 billion expected by analysts.

Chief Executive Brian Roberts told investors on a conference call that Comcast walked away from its bid for the Fox assets because it could not justify the escalating price.

Sky added 20,000 customers in Britain in its final quarter, which UBS said was below its forecast, but churn, a measure of the number of people leaving, fell to a decade low of 10.3 percent. The company added 260,000 high-speed internet customers during the quarter, though it has been struggling overall as it lost 140,000 video customers.

Comcast said it has increased its marketing for internet-only subscribers, since internet has higher profit margins than cable, which are diminished by TV programming costs.

Sky CEO Jeremy Darroch
Sky CEO Jeremy Darroch

Speaking on Comcast's Q2 2018 Earnings Conference Call, Roberts admitted to analysts that the Fox bid was "mostly about global expansion" and accordingly, having ceded to Disney as far as the Fox bid was concerned, the company was now focused on its bid for Sky, where Fox is seeking to acquire the 61 per cent of the broadcaster it does not already own.

Feeling a bit jilted by the financial community because of the tumble that its stock has taken since the cable powerhouse made its twin bids for 21st Century Fox and Sky (NYSE, London: SKY) earlier this year, Comcast Corp.

Comcast has emphasized its "connectivity" business. Those networks have gone from losing 2 percent of subscribers collectively to about 1 percent because they are included in new online TV services like DirecTV Now. Its film division faced a tough comparison with a year ago when "Despicable Me 3" and another "Fast and Furious" film were in theaters. Additionally, we are excited about the new attractions that we opened at each of our theme parks during the quarter, and pleased with the theatrical performance of Jurassic World: Fallen Kingdom.

Shares of Comcast were up 3.7 percent to $34.66 in morning trading after the results.

Disney joins SeaWorld and Busch Gardens in ditching plastic straws
In any event, there is no reason that so many drinks have to be consumed through a straw. From there, the company will also work on eliminating polystyrene cups as well.

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