Comcast Reports 47% Q4 Net Income Increase Driven by 'Wicked', Broadband Losses Continue

Comcast reported a strong financial performance for the fourth quarter of 2024, with revenues rising 2% to $31.9 billion and net income increasing nearly 47% to $4.8 billion, attributed in part to the success of the film 'Wicked.' The studio division saw a significant boost, with revenues up 7% to $3.3 billion, driven by record box office earnings from 'Wicked.' However, despite these gains, Comcast's shares fell due to larger-than-expected losses in its broadband business, with a decline of 139,000 customers. While Peacock's revenue grew by 28%, subscriber numbers remained flat at 36 million, falling short of Wall Street expectations. CEO Brian Roberts highlighted this quarter as the best in the company's 60-year history, yet the broadband losses raised concerns among investors. The company plans to focus on strategic growth areas, including its streaming service and upcoming theme park openings.