Media Stock Under Pressure: Comcast Corporation (NASDAQ: CMCSA)

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Comcast Corporation (NASDAQ: CMCSA) stock fell over 0.7% on 29th April, 2021 in the after-hours session after the company posted lower than expected results for the first quarter of FY 21.

At the end of March, 2021, cash and cash equivalents were $14.95 billion, up from $11.74 billion as of Dec 31, 2020. As of Mar 31, 2021, the consolidated total debt was $103.71 billion, compared with $103.76 billion as of Dec 31, 2020. In first-quarter 2021, CMCSA had generated $7.75 billion in cash from operations, up 33.1% year over year. The company has generated free cash flow of $5.28 billion in the reported quarter, up 58.8% year over year.

Meanwhile, the company is currently offering downstream speeds of 1.2 gigs across the entire footprint using the DOCSIS 3.1 architecture. CMCSA is now making great progress to deliver multi-gig symmetrical speeds. In the last six months, the company has completed two important milestones on the roadmap. In October, the company had conducted a successful live test of 1.25-gig symmetrical speeds. In Xfinity Mobile, during the quarter, the company has reached breakeven on a stand-alone basis for the first time and added 278,000 mobile lines, which is the highest quarterly addition since launch.

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Moreover, in Cable Communications segment, the Cable revenue rose 5.9% to $15.8 billion, EBITDA increased 12% to $6.8 billion and EBITDA less capital grew 16% to $5.1 billion. The company has added 380,000 net new customer relationships, up 2.4% over last year’s first quarter and up 27% over the first quarter of 2019. Further, the Business services revenue grew 6.1% and delivered 11,000 net new customer additions, mainly due to continued improvement in small business. Wireless revenue rose 50% due to an increase in both customer lines and higher device sales. The company had added 278,000 net new lines in the quarter, bringing it to 3.1 million total lines as of quarter end. In NBCUniversal segment, the  revenue had fallen 9.1% to $7 billion and EBITDA was down 12% to $1.5 billion. Media revenue rose 3.2% driven by 9.1% growth in distribution revenue.

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