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CMCSA Nasdaq· Comcast Corp
Earnings report Q4 2023

Comcast Corporation Records Stable Revenue Growth

Segments of Revenue

Comcast Corporation's revenue for the year ended December 31, 2023, was $121.57 billion, showing a slight increase from the previous year's revenue of $121.43 billion. The company's revenue is mainly generated from its Media Segment, Advertising, and Business Services Connectivity segment. The Media segment, which includes advertising on linear television networks, Peacock, and other digital properties, follows cyclical patterns influenced by factors such as the winter holiday season, political campaigns, and sports seasons. The Business Services Connectivity segment, which accounts for approximately half of the annual revenue, is largely recognized within two years.

Strengths

The company's strength lies in its diverse revenue streams and the stability of its Business Services Connectivity segment, which guarantees a significant portion of its annual revenue. The company's ability to maintain stable revenue growth despite cyclical variations in its Media segment is also commendable.

Challenges

The company's revenue is subject to seasonal and cyclical variations, particularly in the Media segment. This can lead to fluctuations in revenue, making it challenging to maintain consistent growth. Additionally, any shortfall in audience ratings for advertisements, where ratings were guaranteed, could lead to deferred revenue until the shortfall is settled.

Noteworthy

It's worth noting that despite the cyclical nature of the Media segment, the company has managed to maintain a stable revenue growth. This is largely due to the fixed pricing under existing agreements in the Business Services Connectivity segment, which ensures a steady flow of revenue.

Summary

In summary, Comcast Corporation has demonstrated stable revenue growth, with a slight increase from the previous year. The company's diverse revenue streams, particularly from its Media and Business Services Connectivity segments, contribute significantly to this stability. However, the cyclical nature of the Media segment presents a challenge, potentially leading to revenue fluctuations. Despite these challenges, the company's ability to maintain consistent revenue growth is noteworthy.

Source documents

Form 10-K  filed on Jan 31, 2024
2 pages scanned

Reference data

Company financials Q4 revenue 31.25B
Analyst estimates Q4 EPS beat by 6.35%
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