Comcast Corp. (NASDAQ: CMCSA) reported lower earnings and revenues for the first quarter of 2020. Earnings, meanwhile, came in above the market’s projection and the communication firm’s stock gained early Thursday, after closing the previous session higher.
Adjusted earnings dropped to $0.71 per share from $0.76 per share last year, but exceeded Wall Street’s prediction. Net income, on a reported basis, was $2.15 billion or $0.46 per share, compared to $3.55 billion or $0.77 per share in the first quarter of 2019.
Revenues declined 1% year-over-year to $26.6 billion. Analysts were looking for a bigger amount. There was a 5% decline in consolidated adjusted EBITDA, while total customer relationships rose 2.6% to 55.8 Million.
Comcast’s stock began 2020 on a dismal note, after surging to an all-time high in the final weeks of last year. The shares lost 10% in the past twelve months and dropped 14% since the beginning of the year.