Cable giant Comcast topped fourth quarter estimates and showed strong growth across several lines of business.
In the fourth quarter, Comcast reported net income of $3.4 billion, or 73 cents a share, on revenue of $27.7 billion, up 2.4% from a year ago. Excluding items, Comcast reported earnings of 56 cents a share in the fourth quarter.
Wall Street was expecting Comcast to report fourth quarter earnings of 48 cents a share on revenue of $26.7 billion.
Comcast consists of several properties, but Comcast Business is among its fastest-growing segments. Comcast Business delivered revenue of $2.1 billion, up 4.8% from a year ago. Comcast’s high-speed Internet revenue was up 12.7% to $5.4 billion while video and voice sales fell. The company’s wireless business grew 35.8% to $505 million, and advertising revenue climbed 33.8%.
Here’s a look at how the company’s customer base shakes out:
Overall, the strength in Comcast’s business comes from the cable unit. For 2020, Comcast added 1.6 million cable customer relationships and 2 million high-speed internet net additions — the highest annual gains in these categories, ever.