Craig Moffett, founder and senior analyst at MoffettNathanson, joins "Squawk Box" to discuss how shifting media trends are affecting earnings from the biggest providers such as AT&T, Verizon, Comcast and others. Comcast Corp’s bid to counter cord-cutting with profitable broadband customers continued to pay off in the fourth quarter, as the company on Thursday beat Wall Street’s revenue and profit estimates.
The Philadelphia-based cable company reported fourth-quarter revenue of $28.4 billion, beating the Wall Street consensus estimate of $28.17 billion, according to IBES data from Refinitiv.
Revenue growth was aided by British pay-TV group Sky, which the company acquired for $39 billion in 2018. The business generated fourth-quarter revenue of $5.04 billion, beating the average estimate of $4.82 billion.
Comcast continued to lose cable TV subscribers as viewers flocked to streaming services, but those losses happened at a greater rate than Wall Street expected. Even so, it beat the Wall Street consensus estimate for revenue from video subscribers.
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