Comcast Flags $1 Billion Q4 Charge For Layoffs, Restructuring Amid Overhaul Of Core Connectivity Business

Comcast plans to cut jobs in its cable, broadband, and wireless business, taking a $1B+ charge in Q4. It lost 144K broadband customers in Q3, with revenue in the connectivity business falling 2.7%. The company is preparing to spin off NBCUniversal next year. Shares rose 3% to $22.84.

Comcast reported Q3 2026 losses of 144,000 residential broadband customers, up from 91,000 a year ago, and 274,000 video customers, citing aggressive pricing from competitors. The company plans significant job cuts in its cable division and a $1B+ restructuring charge. Revenue fell to $29.3B, though net income rose to $3.45B. Comcast's stock rose despite missing broadband and wireless subscriber expectations.

Comcast CEO Brian Roberts reported high employee enthusiasm for the planned 2027 split of NBCUniversal (NBCU) from its broadband and pay-TV division. Q3 earnings beat expectations, driven by NBCU's strong performance, despite a 6% revenue decline in broadband. The split will create a standalone NBCU entity, with Comcast taking a $1B restructuring charge. Peacock streamer reported consecutive profitable quarters.

Comcast Co-CEO Brian Roberts expressed enthusiasm about the upcoming split of NBCUniversal, citing strong employee support and strategic benefits. The company reported Q3 revenue and earnings beats, despite a 6% revenue decline. NBCU's performance, driven by 'The Odyssey' and World Cup viewership, fueled the split momentum. The separation, expected by mid-2027, will create a standalone NBCU entity and a restructuring connectivity division, with a $1 billion charge and layoffs.

Comcast (CMCSA) reported $29.3B in Q3 revenue, down 6.1% YoY, with adjusted EBITDA at $9.1B (-5.8%) and EPS at $1.07 (-4%). Peacock saw $1.8B in revenue and $261M in EBITDA, while Universal's film business grew 18.6%. Broadband lost 144K customers, and theme parks revenue fell 4.4%. Free cash flow was $4.2B, down 14.8%.

Comcast reported 3Q 2026 revenue of $29.3B, down 6.1% YoY, but net income rose 3.5% to $3.36B and EPS increased 7.8% to $0.97. Declines in Connectivity and Residential revenue were partly offset by growth in Media and Business Services. The company completed the Versant separation and plans an NBCUniversal and Sky spin-off for mid-2027.