Even as 2022 displayed without doubt that its Peacock direct-to-consumer service had turned up for the streaming party, media firm Comcast has unveiled results showing a mixed 2022 financial year.
For the year ended 31 December 2022, the company posted total revenues of $121.427 billion, up 4.3% on an annual basis driving net income of $5.370 billion, a fall of 62.1% compared with the end of the 2021 fiscal year. for the fourth quarter of the year, revenue inched up 0.7% year-on-year to $30.552 billion, with net income down 1.1% on an annual basis to $3.024 billion.
Despite the mixed results, Comcast reported a number of key milestones in the year. Peacock paid subscribers in the US more than doubled, to surpass the 20 million mark with revenue from the streaming service nearly tripling to $2.1 billion. Peacock parent company NBCUniversal’s adjusted EBITDA Increased 4.9% to $6.0 billion, driven by growth at theme parks but adjusted EBITDA in 2022 included higher Losses at the Peacock line. Comcast’s Cable Communications adjusted EBITDA increased 4.6% to $29.4 billion and the division achieved its highest full year adjusted EBITDA margin on record.
Revenue for the Sky pay-TV company decreased 13.0% to $4.4 billion in the fourth quarter of 2022. Excluding the impact of currency, revenue was consistent with the prior year period. Direct-to-consumer revenue of $3.5 billion was consistent with the prior year period, reflecting increased revenue in the UK driven by higher mobile and broadband revenue, offset by decreased revenue in Germany and Italy.
Sky’s Q4 advertising revenue decreased 9.6% to $564 million, primarily reflecting lower revenue in the UK, including the impact of the timing of the FIFA World Cup. Content revenue increased 6.5% to $304 million, primarily due to the timing of licensing our content to other platforms.
For the twelve months ended December 31, 2022, Sky revenue decreased 11.5% to $17.9 billion. Excluding the impact of currency, revenue decreased 1.2%, reflecting said Comcast lower direct-to-consumer revenue, content revenue and advertising revenue.
Commenting in the fourth quarter results, Comcast Corporation chief executive officer and chairman Brian Roberts said: "I am proud of how our team executed throughout 2022…We delivered impressive revenue growth in broadband; grew wireless lines by 1.3 million, our best result since launch; more than doubled our Peacock subscribers, surpassing 20 million at year-end; nearly tripled Peacock revenue to $2.1 billion; ranked second in worldwide box office; and generated record Adjusted EBITDA at our theme parks. Importantly, we achieved these results while continuing to invest in broadband, our 10G network evolution, Xfinity Mobile, Peacock, and theme parks, and we also took cost actions to further our growth in the future.”
Despite the mixed results, Comcast reported a number of key milestones in the year. Peacock paid subscribers in the US more than doubled, to surpass the 20 million mark with revenue from the streaming service nearly tripling to $2.1 billion. Peacock parent company NBCUniversal’s adjusted EBITDA Increased 4.9% to $6.0 billion, driven by growth at theme parks but adjusted EBITDA in 2022 included higher Losses at the Peacock line. Comcast’s Cable Communications adjusted EBITDA increased 4.6% to $29.4 billion and the division achieved its highest full year adjusted EBITDA margin on record.
Revenue for the Sky pay-TV company decreased 13.0% to $4.4 billion in the fourth quarter of 2022. Excluding the impact of currency, revenue was consistent with the prior year period. Direct-to-consumer revenue of $3.5 billion was consistent with the prior year period, reflecting increased revenue in the UK driven by higher mobile and broadband revenue, offset by decreased revenue in Germany and Italy.
Sky’s Q4 advertising revenue decreased 9.6% to $564 million, primarily reflecting lower revenue in the UK, including the impact of the timing of the FIFA World Cup. Content revenue increased 6.5% to $304 million, primarily due to the timing of licensing our content to other platforms.
For the twelve months ended December 31, 2022, Sky revenue decreased 11.5% to $17.9 billion. Excluding the impact of currency, revenue decreased 1.2%, reflecting said Comcast lower direct-to-consumer revenue, content revenue and advertising revenue.
Commenting in the fourth quarter results, Comcast Corporation chief executive officer and chairman Brian Roberts said: "I am proud of how our team executed throughout 2022…We delivered impressive revenue growth in broadband; grew wireless lines by 1.3 million, our best result since launch; more than doubled our Peacock subscribers, surpassing 20 million at year-end; nearly tripled Peacock revenue to $2.1 billion; ranked second in worldwide box office; and generated record Adjusted EBITDA at our theme parks. Importantly, we achieved these results while continuing to invest in broadband, our 10G network evolution, Xfinity Mobile, Peacock, and theme parks, and we also took cost actions to further our growth in the future.”
