May 4, at AM Author Bio Nicholas has been a writer for the Motley Fool sincecovering companies primarily in the consumer goods and technology sectors.
He enjoys the outdoors up and down the West Coast with his wife and their Humane Society-rescued dog. Per usual, new high-speed internet subscribers more than offset red ink elsewhere. The situation with coronavirus didn't really get rolling until late in the first quarter, though, which means investors can safely assume most of the pain will be absorbed during the quarter that's currently under way.
Nevertheless, even with COVID and the ensuing earnings 2020 on the Internet wreaking havoc on the economy, the internet is more important than ever before. Thus, Comcast remains in good shape to be able to weather the storm.
Image source: Getty Images. Adjusted net income and adjusted earnings per share fell 6.
Free cash flow fell NBC Universal and Sky were the main culprits. With movie theaters around the globe shuttered and Universal Studios resorts on a temporary hiatus, there were no surprises there. The latter experienced a 5.
Not great numbers for Comcast, and with the film and theme park segments still facing negligible sales until shelter-in-place orders are eased, the second-quarter report is going to be even uglier. And while cable TV and landline phones are a serious headwind, high-speed internet and wireless phones powered by Verizon's network came through to save the day once more. High-speed internet in particular was a bright spot with thenet additions excluding free accounts given away to help those in need being the best in 12 years.
High-speed web customers grew 5.