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The company's total revenue rose 1.7% to $30.51 billion in the quarter, beating analysts' average estimate of $30.13 billion, according to Refinitiv data. Ad revenue in content and experiences fell 4.9% from the same quarter a year prior, in a weak but stable advertising environment. Paid subscribers increased by two million in the second quarter, to 24 million, from the 22 million it reported in the previous quarter. Theme parks revenue climbed 22.4%, thanks to demand for attractions such as “Super Nintendo World” in Hollywood and Osaka, Japan. Overall, net income attributable to Comcast rose 25.1% to $4.25 billion in the quarter.

Persons: Mario, Peacock, Factset, Helen Coster, Deepa Babington Organizations: YORK, Comcast, Revenue, Nintendo, Competition, Mobile US Inc, Verizon Communications Inc, Thomson Locations: Hollywood, Osaka, Japan

"While it appears to be a hot number on the actual number of people employed, the wage rate is not increasing as fast," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. The data brought relief to investors who mostly expect the Fed to pause hiking rates at its policy meeting on June 13-14. But some pointed to the much hotter-than-expected jobs data as a sign the Fed still has not yet tamed inflation. All 11 S&P 500 sectors advanced, with the materials index (.SPLRCM) leading, up 3.4%, and the consumer discretionary sector (.SPLRCD), housing Amazon, close behind, rising 2.2%. The S&P 500 posted 15 new 52-week highs and two new lows; the Nasdaq Composite recorded 74 new highs and 40 new lows.

Persons: Kim Forrest, Phil Orlando, Nobody’s, Michael Landsberg, Herbert Lash, Shreyashi Sanyal, Shristi, Shashwat Chauhan, Nivedita Bhattacharjee, Maju Samuel Organizations: Amazon, Nvidia, Reserve, Labor Department, Bokeh Capital Partners, Fed, Federal Reserve, Federated Hermes, Reuters Graphics Reuters, Dow Jones, Nasdaq, Dow, Verizon Communications Inc, T Inc, Mobile US Inc, Inc, U.S, Verizon, Mobile, Nvidia Corp, Landsberg Bennett, Wealth Management, NYSE, Thomson Locations: Washington, Pittsburgh, New York, Punta Gorda , Florida, Bengaluru

☆ US telecom stocks fall on report Amazon in talks for wireless services
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

Bloomberg News reported that Amazon was negotiating to get the lowest possible wholesale prices and could offer wireless plans for $10 a month or lower to Prime members through these partnerships. AT&T declined to comment, while T-Mobile said it was not in discussions with Amazon for inclusion of its wireless in Prime service. The details of the potential deals between Amazon and the wireless carriers were not immediately known. Dish's shares were an outlier in telecom stocks with a gain of 22%. The company's shares had also soared in May after a Wall Street Journal report that it was in talks to sell its wireless plans through Amazon.

Persons: Christopher Ali, Brandon Nispel, Yuvraj Malik, Tanya Jain, Akash Sriram, Aditya Soni, Sheila Dang, Nivedita Bhattacharjee Organizations: Verizon Communications Inc, Mobile US Inc, Inc, U.S, Bloomberg News, Amazon, Penn State University, Verizon, Mobile, KeyBanc, Markets, Dish Network Corp, Journal, Thomson Locations: Amazon, Bengaluru, Dallas

The company's total revenue fell 4.3% to $29.69 billion in the quarter, but beat analysts' average estimate of $29.30 billion, according to Refinitiv data. However, adjusted losses from the ad-reliant platform widened to $704 million from $456 million a year-ago as Comcast continues to invest heavily in content. Theme parks revenue climbed nearly 25%, thanks to a rebound in attendance at its parks overseas and the lifting of COVID curbs in China. Comcast gained 5,000 broadband customers in the March quarter, while Factset had estimated a loss of 20,000 users. Overall, net income attributable to Comcast rose 8% to $3.83 billion in the quarter.

☆ AT&T misses quarterly revenue estimates; shares down
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

Still, AT&T added 424,000 postpaid phone subscribers in the latest quarter, above Factset estimate of 422,800 additions. Analysts and investors generally watch postpaid phone figures closely as those customers pay a recurring monthly bill, making them valuable to the carriers. Total revenue for the first quarter rose 1.4% to $30.1 billion, compared with $29.7 billion a year earlier. AT&T said the growth was also driven by higher revenue in broadband services, partly offseting lower equipment sales. Income from continuing operations was $4.5 billion, or 57 cents per share, in the quarter, compared with $5.1 billion, or 65 cents per share, a year earlier.

☆ AT&T's dismal cash flow sparks selloff in telecoms sector
▼ + stars: | 2023-04-20 | by ( Tiyashi Datta | ) www.reuters.com time to read: +2 min

April 20 (Reuters) - U.S. wireless carrier AT&T Inc (T.N) missed market estimates for first-quarter revenue and free cash flow, underscoring the toll from strained consumer wallets and sparking a selloff in the telecoms sector on Thursday. In the first three months of the year, AT&T added 424,000 postpaid phone subscribers, almost in line with a Factset estimate of 422,800 additions. The metric is closely watched by Wall Street as postpaid customers pay a recurring monthly bill, making them valuable to the carriers. "It was not all bad news, and some aspects of AT&T's operations came in above estimates, but it is the free cash flow figure that seems to have caused all the damage, given that it points to likely lower dividend payouts going forward," said Stuart Cole, head macro economist at Equiti Capital. AT&T's free cash flow came in at $1 billion, compared with the $2.61 billion estimated by 18 analysts polled by Visible Alpha.

☆ Verizon Raises Prices on Older Cellphone Plans
▼ + stars: | 2023-03-06 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Verizon’s consumer unit has more than 90 million postpaid devices connecting to its network. Verizon Communications Inc. is raising prices on some older cellphone plans, adding $2 per phone monthly fees for customers who don’t switch to the company’s latest offerings. The company began notifying affected customers of the rate increase last week, and a spokesman said the higher price reflects “the added cost of maintaining these legacy plans.” The company, whose consumer unit has more than 90 million postpaid devices connecting to its network, declined to say how many customers are affected.

☆ Verizon Shakes Up Executive Team After Tough Year
▼ + stars: | 2023-03-03 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Verizon remains the largest U.S. cellphone carrier in terms of subscribers, but it has ceded ground over the past couple of years. Verizon Communications Inc. said its finance chief is leaving and named a new head of its consumer business, a management shuffle that sets up a contest to succeed Chief Executive Officer Hans Vestberg . The shake-up comes as Verizon ’s consumer group, its largest division, has struggled to hang on to its core subscriber base in competition from rivals AT&T Inc. and T-Mobile US Inc.

☆ Verizon finance chief Matt Ellis to depart in top management rejig
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

March 3 (Reuters) - Verizon Communications Inc finance chief Matt Ellis will leave the wireless carrier in May, it said on Friday in a slew of senior leadership changes. Senior Vice President Tony Skiadas will replace Ellis, the company said while announcing new leaders to its key verticals. Sowmyanarayan Sampath, who leads Verizon Business Group, will be executive vice president and chief executive of Verizon Consumer Group. Joe Russo, senior vice president and chief network officer, will replace Malady as president of Global Networks and Technology, which looks over 5G, 4G, Fiber and Edge computing services. In its latest quarterly report in January, Verizon forecast annual profit below expectations hurt by higher costs, tepid growth in wireless customers and high competition.

☆ Molson Coors Told to Stop Saying Rivals’ Beer Tastes Like Water
▼ + stars: | 2023-02-23 | by ( Patrick Coffee | ) www.wsj.com time to read: +4 min

Brewer Anheuser-Busch InBev SA has scored at least a temporary win in the long-running battle over light beer brands’ marketing claims. BBB National Programs’ National Advertising Division, an ad-industry self-regulatory group, determined that Molson Coors Beverage Co. should stop marketing its light beer products by implying that those produced by rivals have little or no flavor. Molson Coors plans to appeal, according to Chief Communications Officer Adam Collins. A final decision in the Molson Coors case should come down next month, she said. In 2019, Molson Coors sued AB InBev over a Super Bowl campaign highlighting the fact that Miller Lite and Coors Light use corn syrup in the brewing process.

Total revenue rose 0.7% to $30.55 billion in the quarter. Cable revenue grew 1.4% to $16.64 billion, narrowly missing analysts' estimates of $16.67 billion. Comcast lost 440,000 video subscribers in the quarter, fewer than Factset's estimated loss of 548,000, as the trend of cable TV cord-cutting continued. The company also lost 26,000 broadband customers in the quarter, compared with Factset's estimated loss of 40,000 customers. NBCU advertising sales grew 4% to $2.86 billion, and theme parks revenue grew 12% to $2.11 billion.

☆ NYSE says manual error triggered major trading glitch
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

The glitch, which occurred on Tuesday, impacted stocks of major companies including 3M (MMM.N), Wells Fargo & Co (WFC.N) and Verizon Communications Inc (VZ.N). The NYSE, owned by Intercontinental Exchange Inc (ICE.N), said it began trading in 2,824 securities without an opening auction, which led to erroneous prices, with nearly 4,341 trades in 251 securities "busted", or nullified. The exchange also said it had erroneously triggered a sell short restriction (SSR) on about 80 securities on Tuesday. That could potentially lead to volatile trading on Wednesday but it was "nothing investors have to worry about", Stovall added. Reporting by Niket Nishant and Johann M Cherian in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Verizon Communications Inc (VZ.N) dropped 0.4% after forecasting annual profit below estimates, while Johnson & Johnson (JNJ.N) fell 1.3% as it warned that a surge in China COVID-19 cases could dent the first half sales in 2023. General Electric Co (GE.N) fell 0.2% on a disappointing profit forecast for the year, despite topping quarterly earnings estimates. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained. Microsoft Corp (MSFT.O) is scheduled to report quarterly earnings after the bell. Analysts now see fourth-quarter earnings for S&P 500 companies dropping 2.9% year-on-year, according to Refinitiv data.

Industrial conglomerate 3M Co (MMM.N) fell 5.9%, leading the decliners among Dow components after reporting a fall in quarterly profit. General Electric Co (GE.N) fell 1.1% on a disappointing profit forecast for the year, despite topping quarterly earnings estimates. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained. "In the near-term, the answer seemingly lies with tech earnings ... longer-term, if we do experience a Fed pivot this year, then would anticipate a strong, positive buying impulse for tech," JPMorgan analysts wrote in a client note. Microsoft Corp (MSFT.O) is scheduled to report quarterly earnings after the bell.

☆ Verizon Adds Subscribers as Earnings Guidance Falls Short of Forecasts
▼ + stars: | 2023-01-24 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Verizon expects 2023 adjusted earnings of $4.55 to $4.85 a share, below Wall Street expectations of $4.96 a share. Verizon Communications Inc. posted higher revenue for the recently ended quarter as the company added to its industry-leading base of subscribers. Verizon reported a net gain of 217,000 phone connections under postpaid billing plans during the December quarter, excluding the impact from the decommissioning of the company’s 3G network. The gains marked a reacceleration of growth in the company’s consumer-focused unit, which Chief Executive Hans Vestberg took over last month.

Industrial conglomerate 3M Co (MMM.N) fell 4.7%, leading the decliners among Dow components in premarket trading, after reporting a fall in quarterly profit. General Electric Co (GE.N) rose 2.2% as it topped quarterly profit estimates, boosted by strong demand for its engines and after-market services. Wall Street's main indexes started the earnings-heavy week on solid ground amid renewed appetite for growth stocks following a battering last year. Shares of Microsoft Corp (MSFT.O), which is scheduled to report quarterly earnings after the bell, were flat. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained.

☆ Verizon forecasts profit below estimates on slowdown worries, shares fall
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

Shares in the Dow Jones Industrial Average (.DJI) company fell 2.5% to $38.65 in premarket trading. However, thanks to promotional offers and Apple's (AAPL.O) flagship iPhone launch during the fourth quarter, the company added 217,000 net new monthly bill paying wireless phone subscribers in the fourth quarter, higher than Factset estimates of 200,400 additions. Verizon, which added 558,000 subscribers in the fourth quarter last year, expects adjusted profit between $4.55 per share and $4.85 per share in 2023. For the fourth quarter, Verizon earned $1.19 per share on revenue of $35.3 billion, both largely in-line with analysts' estimates. Reporting by Eva Mathews and Samrhitha Arunasalam in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla, Microsoft Are Headlining First Busy Earnings Week of 2023
▼ + stars: | 2023-01-21 | by ( Sabela Ojea | ) www.wsj.com time to read: 1 min

Microsoft Corp., Tesla Inc. and Johnson & Johnson headline the first busy earnings week of 2023 as investors search for insight into the global economy in the midst of growing concern over a possible recession. Other companies set to issue their latest quarterly reports include the telecom companies AT&T Inc. and Verizon Communications Inc.; Visa Inc. and American Express Co.; and airlines including Southwest Airlines Co.

☆ Cloudflare Takes Aim at a Top Security Threat: Your Inbox
▼ + stars: | 2023-01-12 | by ( Belle Lin | ) www.wsj.com time to read: +5 min

Cloud-infrastructure company Cloudflare Inc. announced Wednesday new email security capabilities aimed at helping businesses defend against phishing, malware and other cyberattacks commonly targeting corporate email accounts. It provides web performance, cybersecurity and other services to millions of customers, of which more than 156,000 pay for its services. Matthew Prince, co-founder and CEO of Cloudflare Photo: Cloudflare Inc.Chief Executive Matthew Prince said the new security functions are also in response to an increase in ransomware and other sophisticated cyberattacks, some of which are perpetrated by relatively unsophisticated hackers. Prince said, referring to the growth of so-called “ransomware-as-a-service,” where ransomware operators provide malware programs to affiliates to launch attacks. Prince said Cloudflare, which was itself a customer of Area 1 before pursuing an acquisition, has more closely integrated its existing cybersecurity services with Area 1’s email security platform.

☆ CIOs Contend With Pushback on AI Rollouts
▼ + stars: | 2023-01-06 | by ( Isabelle Bousquette | ) www.wsj.com time to read: +6 min

Overall enterprise adoption of AI has grown threefold since 2019 as algorithms grow in scale and sophistication, according to International Data Corp. That left executives underwhelmed by the results and disillusioned, according to Todd Lohr, KPMG LLP’s U.S. technology consulting leader. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. In 2022, organizations spent on average 4% to 6% more on AI than the previous year, according to IDC. Other emerging technologies are more likely to be cut than AI, given its cost-savings potential, she noted.

☆ Consumers Keeping Up With Cellphone Bills Despite Economic Strains
▼ + stars: | 2023-01-05 | by ( Thomas Gryta | ) www.wsj.com time to read: 1 min

Analysts have been watching late cellphone-bill payments as a gauge of how inflation might be affecting household budgets. AT&T Inc., Verizon Communications Inc. and T-Mobile US Inc. said that consumers are still paying their bills on time despite months of high inflation and concerns over the pace of economic growth. The companies’ wireless, telephone and broadband businesses touch many American households. In July, AT&T said subscribers were paying their monthly phone and internet bills on average two days slower than a year earlier.

☆ ISSB Plans to Finalize Rules on Disclosure of Climate-Related Risks in 2023
▼ + stars: | 2023-01-02 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +5 min

And then quite naturally, we’re now looking at what’s next,” Mr. Faber said. The International Financial Reporting Standards Foundation, an accounting standards body based in London, launched the ISSB to develop sustainability reporting standards. One of the rule proposals would see companies disclose significant climate-related risks, such as floods and other extreme weather events. The number of global companies reporting under four different frameworks rose to 255 in 2020 from eight in 2019, the data shows. These “adjacent topics” are top of mind for investors, according to Mr. Faber.

☆ U.S. Accounting Rule Maker Looks to Advance Projects on Tax, Crypto and Expenses in 2023
▼ + stars: | 2022-12-28 | by ( Mark Maurer | ) www.wsj.com time to read: +5 min

The U.S. accounting rule maker in 2022 launched new projects following an agenda consultation with investors and other stakeholders in 2021, its first in five years. The board has at least three core projects—two on disclosure of expenses and one on disclosing income taxes—in 2023, according to Mr. Jones. PREVIEWThe FASB will likely finalize a rule in 2023 requiring public companies to start breaking out big-ticket expenses incurred by their business divisions, Mr. Jones said. Another major project Mr. Jones said might be finalized in 2023 would require companies to provide more tax details. “They have an important role in our economy.”The slowing economy will also be on the FASB’s radar, Mr. Jones said.

☆ Tumblr Shoots for a Comeback With Users and Advertisers
▼ + stars: | 2022-12-09 | by ( Katie Deighton | ) www.wsj.com time to read: +7 min

Wireless company Verizon Communications Inc., which bought Yahoo in 2017, saw Tumblr users nosedive when it banned adult content, including nudity, in 2018. Tumblr users in the past month have depicted anthropomorphized versions of the Tumblr and Twitter logos, for example, having a quasiromantic relationship. And in April, it introduced Tumblr Blaze, which offers users, including brand accounts, wider exposure for their posts. Advertisers that create custom campaigns using the parlance popular among Tumblr users to appeal to particular communities usually see the best engagement, according to Tumblr’s chief marketing officer, Matthew Ryan. Some of the most active advertisers on Tumblr are movie and television studios that create Tumblr campaigns for die-hard fans of genres or series, Mr. Ryan said.

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