Brian Roberts, chairman and chief executive officer of Comcast Corp.
Scott Eells | Bloomberg | Getty Images
Comcast is set to report its first-quarter earnings before the bell on Thursday, where investors will get a look into how the company is grappling with the Covid-19 pandemic.
Wall Street is anticipating earnings per share of 68 cents on revenue of $26.75 billion, based on Refinitiv consensus estimates. However, it’s difficult to compare reported earnings to analyst estimates for Comcast’s first quarter, as the coronavirus pandemic continues to hit global economies and makes earnings impact difficult to assess.
Comcast has seen broadband usage spikes amid the pandemic that’s kept Americans at home, according to company metrics. Still, the company warned investors in late March that the coronavirus may have a “material adverse impact on our results of operations over the near to medium term.”
Some analysts have also warned of a likely downturn in global advertising spending.
Comcast’s annual revenue could also take a hit from the delay of the 2020 Olympics in Tokyo. Those games will now take place in 2021, and Comcast’s NBCUniversal division is the sole provider of broadcast rights for the games.
The company also temporarily shut down its Universal theme parks, which brought in $1.56 billion in total revenue last quarter. Universal has also delayed some of its movies, including “Fast and Furious,” a potential blockbuster that was originally scheduled to premiere in May. But Universal has also had some success with new movies. This month, it released “Troll World Tour” through various streaming and on-demand services as a digital rental instead of in theaters. The company said this week the movie generated $100 million in revenue so far.
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Disclosure: Comcast owns NBCUniversal, parent company of CNBC.
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