Comcast posts loss after $8.6bn Sky impairment charge

Comcast reported $29.8bn quarterly revenue in its latest earnings release, a decline of 1.5% year on year.

The company posted a net income (profit) loss of $4.6bn compared to a net income of $4bn in the same period last year, while its capital expenditures increased by 30.3% to $2.8bn, due a surge in cable communications costs and NBCUniversal’s costs almost doubling to $614m.

The company also recorded an $8.6bn impairment for UK subsidiary Sky’s business, citing “macroeconomic conditions” in its territories (UK, Ireland, Germany and Italy).

Revenue for NBCUniversal decreased by 4.3% to $9.6bn in Q3 2022. The same period last year saw an incremental $1.8bn from the Tokyo Olympics.

Streaming service Peacock’s paid subscribers in the US increased by 70% year-to-date more than 15 million.