By Tali Arbel, Technology Writer
NEW YORK (AP) --Comcast continues to lose its U.S. cable customers, but racked up more internet subscribers and got a revenue boost from Sky, its big bet on European TV.
The Philadelphia company said Wednesday that it lost 29,000 U.S. cable customers in the fourth quarter, but added 351,000 internet subscribers. It also gained customers in its new cellphone-plan business.
The company is facing up to a growing number of people cutting their cable bundles to save money. A number of companies have joined Netflix in offering cheaper streaming services.
Comcast is also looking to compete there. It is launching a streaming service next year, joining the crowded field competing for consumers' attention.
It's also seeking growth overseas. Its Sky deal, completed in October after a dramatic tug of war with rival U.S. entertainment companies Walt Disney Co. and 21st Century Fox, brings to Comcast TV, home internet and cellphone customers in Europe. In that unit, revenue would have risen 2.4 percent to $5 billion, when results are adjusted to make it as if Comcast had owned it for all of last year's fourth quarter and the year before. Without the effect of currency changes, revenue would have risen 5.6 percent.
Comcast said Wednesday that net income fell 83 percent to $2.51 billion, or 55 cents per share. A big tax benefit in 2017 from changes to the tax code weighed on this year's result.
Excluding the tax changes, adjusted earnings per share were 64 cents. Analysts polled by FactSet expected 62 cents per share.
Overall revenue rose 26 percent to $27.85 billion, getting a big bump because of the newly acquired Sky.
Revenue also rose for the broadcast and cable TV networks in its NBCUniversal division, despite tepid ad-sales growth. Its movie business got a bump from "The Grinch," which came out in November.
SMPTE elects board officers, regional governors
SMPTE®,the home of media professionals, technologists, and engineers, has revealed the board officers and regional governors who will serve terms beginning in January 2025.
Three new officers--Richard Welsh as SMPTE president, Eric Gsell as SMPTE executive VP, and Polly Hickling as SMPTE Education VP--have been elected for a two-year term from Jan. 1, 2025, to Dec. 31, 2026. One SMPTE officer, Lisa Hobbs, will be continuing her service as SMPTE secretary and treasurer for another two-year term. Additionally, Raymond Yeung will be stepping into the role of standards VP on Jan. 1, 2025.
“SMPTE’s membership has spoken,” said SMPTE interim executive director Sally-Ann D’Amato. “These officers have been tasked with an important responsibility, one each of them is prepared to tackle head-on. These next two years are looking bright for SMPTE!”
In addition to the officers, 10 regional governors were elected by the Society to serve two-year 2025-2026 terms.
These include the following regional governors, re-elected to continue their service:
Asia-Pacific Region Governor
Tony Ngai, Society of Motion Imaging Ltd.
EMEA - Central & South America Region Governor
Fernando Bittencourt, FB Consultant
United Kingdom Region Governor
Chris Johns, Sky UK.
USA - Central Region Governor
William T. Hayes, Consultant
USA - Eastern Region Governor
Dover Jeanne Mundt, Riedel Communications
USA - Western Region Governor
Jeffrey F. Way, Open Drives
Also elected were four newcomers to the SMPTE Board:
Canada Region Governor
Jonathan Jobin, Grass Valley
USA - Hollywood Region Governor
Allan Schollnick, Voxx... Read More