Comcast Gears Up to Report Q3 Earnings: What's in the Cards?

Comcast CMCSA is slated to report its third-quarter 2024 results on Oct. 31.The Zacks Consensus Estimate for third-quarter 2024 revenues is pegged at $31.8 billion, indicating growth of 5.59% from the year-ago quarter’s reported figure.The consensus mark for earnings has remained steady at $1.06 per share in the past 30 days, suggesting a fall of 1.85% from the figure reported in the year-ago quarter.Comcast’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 8.76%.Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. Comcast has an Earnings ESP of +3.76% and a Zacks Rank #3 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. You can see the complete list of today's Zacks #1 Rank stocks here.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Let’s see how things have shaped up for the upcoming announcement.Comcast Corporation Price and EPS Surprise Comcast Corporation price-eps-surprise | Comcast Corporation QuoteFactors at PlayComcast has been actively pursuing strategies to diversify its offerings and maintain its market position. In the quarter under review, Comcast launched NOW TV Latino, a new service targeting Spanish-speaking audiences, which is priced at $10 per month with no contract or additional fees.The company's streaming platform, Peacock, is expected to have continued its growth trajectory. The launch of Xfinity StreamSaver in the second quarter, a streaming bundle of Peacock, Netflix and Apple TV+, is expected to have gained popularity and adoption in the to-be-reported quarter.With its diverse content offerings, including popular TV shows, sports programming and original series, Peacock is likely to have attracted more subscribers and generated increased revenues. Peacock’s paid subscribers rallied nearly 38% year over year to 33 million. Peacock’s revenues in the second quarter jumped 28% to $1 billion.Comcast's Theme Park business is anticipated to have performed well, buoyed by strong occupancy rates across its global locations, including Orlando, Hollywood, Osaka and Beijing.CMCSA's business services segment is likely to have shown resilience, potentially benefiting from an expanding client base drawn to the company's advanced network infrastructure. New and cost-effective mobile plans launched by Comcast Business in the previous quarter are expected to have aided growth in new small business customers.As Comcast prepares to release its third-quarter 2024 results, it continues to navigate a complex landscape shaped by evolving consumer behaviors, intense competition and broader economic trends.Comcast’s top line is expected to have reflected a slowing broadband subscriber base as the market shows signs of saturation. In the second quarter, Comcast lost 120K domestic broadband customers. Moreover, it lost 419K video customers. The hybrid working model adopted by many companies post-pandemic has potentially reduced the urgency for high-speed home Internet upgrades. Additionally, increased competition from fixed wireless and fiber-based networks might have negatively impacted subscriber growth and retention.The ongoing shift away from traditional cable TV services has been a significant hurdle for Comcast. The cord-cutting phenomenon, driven by the proliferation of streaming alternatives, is likely to have further eroded the company's video subscriber base. Streaming platforms like Netflix, Disney+ and Apple TV+ continue to offer compelling content at competitive prices, putting pressure on CMCSA's traditional cable business.Key Q3 AnnouncementsIn the third quarter, Comcast announced a partnership with Electronic Arts EA and Peacock to integrate EA SPORTS FC, Peacock and Xfinity to offer in-game customization. Comcast announced a collaboration with Broadcom AVGO and Charter Communications CHTR to develop Unified DOCSIS chipsets for network nodes, smart amps and cable modems, enabling both FDX and ESD versions of the DOCSIS 4.0 specification. This three-way collaboration also augments each company's investment in the future of DOCSIS through an agreement to start developing a path to 25 Gbps. Among the enhancements of this evolution will be the extension of DOCSIS to a higher spectrum.Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Comcast Corporation (CMCSA): Free Stock Analysis Report Charter Communications, Inc. 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