Telecommunications company Comcast Corp. (NASDAQ: CMCSA) reported lower earnings and revenues for the second quarter of 2020. The results, however, came in above the market’s projection and the company’s stock gained early Thursday.
Adjusted earnings dropped to $0.69 per share from $0.78 per share last year, but exceeded Wall Street’s prediction. Net income, on a reported basis, was $2.99 billion or $0.65 per share, compared to $3.13 billion or $0.68 per share in the second quarter of 2019.
Revenues declined 12% annually to $23.72 billion. Analysts were looking for a smaller amount. Total customer relationships in Cable Communications increased by 4% to 32.1 million.
Comcast’s stock closed the last trading session higher. The shares lost 3% in the past twelve months and dropped 3% since the beginning of the year.