C



|Comcast Corporation |(CMCSA – NASDAQ) | $34.26 |

Note: This report contains substantially new material. Subsequent reports will have changes highlighted.

Reason for Report: Flash Update: 1Q18 Earnings

Prev. Ed.: Feb 23, 2018: 4Q17 Earnings Update

FLASH UPDATE [Earnings update in progress; to follow]

Comcast delivered 1Q18 adjusted EPS of 62 cents, which increased 17% y/y driven by solid top-line growth.

Revenues increased 10.7% y/y to $22.79 billion.

Comcast announced that it has submitted a £22 billion ($30.7 billion) bid for Sky, which equates to £12.50 per share. Notably, 21st Century Fox (FOXA) is another company that has shown interest in Sky Plc.

Comcast expects to generate roughly $500 million in synergies, including revenue benefits and recurring cost savings from the Sky acquisition.

Cable Communications Details

Revenues climbed 3.6% from the year-ago quarter to $13.52 billion.

High-Speed Internet revenues increased 8.2% y/y to $4.16 billion, driven by an increase in the number of residential high-speed Internet customers and rate adjustments.

Business Services revenues were up 11.9% to $1.73 billion, primarily due to increasing number of customers adopting small and medium-sized product offerings.

Advertising and other revenues advanced 4.9% and 4.5% to $582 million and $388 million, respectively, on a y/y basis. Advertising revenues were driven by higher political advertising revenues and improved revenues from advanced advertising businesses.

Growth in other revenues came on the back of strong adoption of Xfinity Home and increase in revenues from X1 licensing agreements. At the end of the first quarter, 69.3% of Comcast’s residential customers received at least two Xfinity products.

Voice revenues were $1.01 billion, down 2.7% y/y, primarily due to declining number of residential voice customers. Video revenues also dipped 0.8% to $5.66 billion.

Total Customer Relationships increased by 273K. Total Revenue per Customer Relationship increased 0.9%.

Total high-speed Internet customer net additions were 379K. Total security and automation customer net additions were 46K at the end of the quarter. Total video customer net losses were 96K, while total voice customer net losses were 54K.

NBCUniversal Details

Revenues surged 21.3% from the year-ago quarter to $9.53 billion. Comcast stated that successful broadcasts of the 2018 PyeongChang Olympics and Super Bowl LII Generated an incremental $1.6 billion in segment revenues.

Management also noted that NBC Remains Ranked #1 among adults aged 18-49.

Cable Networks revenues increased 21% from the year-ago quarter to $3.19 billion, primarily due to higher distribution (up 20.8%) and advertising revenues (up 19.6%). Excluding revenues related to Winter Olympics, Cable Networks revenues increased 6.6% to $2.82 billion.

Broadcast Television revenues soared 58.3% from the year-ago quarter to almost $3.50 billion, primarily owing to higher advertising (up 84.9%) and distribution & other revenues (up 42.9%). Excluding revenues related to Winter Olympics & Super Bowl, revenues increased 4.3% to $2.30 billion.

Filmed Entertainment revenues plunged 16.3% from the year-ago quarter to $1.65 billion. Theatrical revenues decreased 35% due to weak performance from Fifty Shades Freed, Pacific Rim Uprising, Darkest Hour and Pitch Perfect 3, as compared with year-ago quarter’s strong release slate.

Theme Parks revenues were $1.28 billion, increasing 14.5% y/y, primarily due to higher per capita spending. The segment not only benefited from the timing of spring holidays but also continued success of Volcano Bay in Orlando, Minion Park in Japan and The Wizarding World of Harry Potter in Hollywood.

Operating Details

Consolidated adjusted EBITDA increased 3.3% from the year-ago quarter to $7.24 billion. However, adjusted EBITDA margin contracted 230 basis points (bps) to 31.8%, primarily due to higher programming & production costs.

Consolidated programming & production costs surged 22.6% from the year-ago quarter to $7.43 billion. As percentage of revenues, programming & production costs expanded 320 bps on a y/y basis.

Cable Communications adjusted EBITDA increased 4.7% from the year-ago quarter to $5.42 billion. Adjusted EBITDA margin expanded 50 bps to 40.1%. Notably, adjusted EBITDA per Customer Relationship was up 2%.

Video programming costs were up 3%, primarily reflecting higher retransmission consent fees and sports programming costs. Non-programming expenses increased 2.8%, primarily due to increases in technical and product support expenses, advertising, marketing and promotion costs and other operating costs, partially offset by a decline in customer service expenses.

NBCUniversal adjusted EBITDA increased 13.1% from the year-ago quarter to $2.29 billion. Cable Networks, Broadcast Television and Theme Parks adjusted EBITDA grew 13.7%, 57.5% and 24.6%, respectively. However, filmed Entertainment adjusted EBITDA plunged 45.2% year over year.

Consolidated operating income increased 2.3% y/y to $4.65 billion. However, operating margin contracted 170 bps from the year-ago quarter to 20.4%.

Cash Flow & Liquidity

In first-quarter 2018, Comcast generated $5.50 billion of cash from operations compared with $5.44 billion in the previous quarter. Free cash flow was $3.10 billion compared with $2.05 billion in the previous quarter.

As of Mar 31 2018, cash and cash equivalents were $6.03 billion, up from $3.43 billion as of Dec 31, 2017.

During the first quarter 2018, Comcast paid dividends totalling $738 million and repurchased shares worth $1.5 billion. As of Mar 31, 2018, the company had $5.5 billion available under its share repurchase authorization.

Guidance

For FY18, Comcast expects Cable Communications capital expenditures as percentage of Cable revenues to decline by up to 50 bps over 2017. However, NBCUniversal capital expenditures are expected to continue to increase, driven by investments in Theme Parks.

Comcast expects to repurchase at least $5 billion of its Class A common stock during 2018.

MORE DETAILS WILL COME IN THE IMMINENT EDITIONS OF ZACKS RD REPORTS ON CMCSA

Executive Summary [NOTE: Only highlighted material has been changed]

Comcast Corporation (CMCSA or the company) is mainly in the development, management, and operation of broadband cable networks, and the programming of content.

Key factors for evaluating an investment strategy for Comcast are as follows:

• CMCSA is the largest cable operator in the United States.

• Comcast has an extensive video subscriber base of approximately 22.357 million.

• Some of its main competitors are Time Warner Cable (TWC), DIRECTV (DTV) and DISH Network Corporation (DISH).

• The company is committed toward its shareholders and in exchange for their trust, returns more to them through higher dividend payouts and share buybacks. During the fourth-quarter 2017, Comcast paid dividends of $736 million and repurchased 32.4 million common shares for $1.2 billion. For the full year, the company made four cash dividend payments of $2.9 billion and repurchased 130.9 million of its common shares for $5.0 billion, resulting in a total of $7.9 billion capital return to shareholders. Additionally, Comcast announced that it has increased dividend by 21% to 76 cents per share on an annualized basis. Accordingly, the board of directors declared a quarterly cash dividend of 19 cents on the company’s common stock. The dividend will be paid on Apr 25, 2018 to shareholders of record as of Apr 4, 2018.

Of the 22 analysts in the Digest group covering the stock, 20 conferred positive ratings while two were neutral on the stock. Target prices provided by the analysts range from a low of $40.00 to a high of $55.00, with the average being $48.24. On an average, the analysts expect a return of 24.3% over the current price.

The following is a summarized opinion of the diverse analyst viewpoints:

Positive or equivalent (20/22 analysts or 90.90%): These analysts believe that strong fundamentals, attractive valuation, improved industry trends, higher NBCU growth on affiliate fee renewals, better growth strategy, upgraded product offerings (Xfinity, home security), impressive subscriber gain, sales of premium

services, and higher shareholder returns position Comcast well in the highly competitive multi-channel market. Moreover, full-fledged growth in the high-speed Data, business services segment and Theme Park business will continue to drive revenues for the company. Additionally, the bullish analysts expect DreamWorks’ acquisition to bring in significant cost savings and revenue growth potential.

Neutral or equivalent (2/22 analysts or 9.09%): Despite the strong fundamentals, these analysts prefer to remain on the sidelines unhappy with conditions for growth, like increased competition from cable operators and low-cost video streaming companies, coupled with consolidation-related woes and escalating programming costs.

Feb 23, 2018

Overview [NOTE: Only highlighted material has been changed]

Comcast Corporation (CMCSA or the company), Pennsylvania-based, is the biggest provider of cable and broadband services in the U.S. As of Dec 31, 2017, Comcast had 25.869 million high-speed Internet customers, 11.552 million voice customers and 22.357 million video customers. The company operates in two segments, Cable Communications and NBC Universal. The Cable Communications segment manages and operates cable systems including video, high-speed Internet, and phone services. Video services include basic and digital cable, video-on-demand, HDTV, premium channel programming, and paid programming services. High-speed Internet service consists of an interactive portal, . Phone services include VoIP digital phone service. The NBC Universal segment consists of the programming and services of NBC Universal, a leading media and entertainment company that develops, produces, and distributes entertainment, news and information, sports and other content to global audiences. The company caters to customers across 39 states, including the District of Columbia. Comcast aims to be at the cutting edge of industry innovation and also seeks to deploy advanced new cable services.

Brokerage firms identified the following issues as critical for evaluating the investment merits of CMCSA:

| Key Positive Arguments | Key Negative Arguments |

|Economies of national scale - Benefits from huge national scale of operations|Pricing competition - Competition is intense from both regional telecom |

|percolate down as reduced costs from both consolidated internal operations |providers and satellite firms. For example, Regional Bell operating |

|and enhanced leverage with suppliers. |companies (RBOCs) caused the pricing of DSL broadband services to fall as |

| |they lowered its price to maintain core telephone customers. |

|Strong and aggressive management team - Led by a strong management team, the |New technologies - New technologies, including wireless broadband and |

|company possesses a distinguished track record of speedy assimilating of |broadband power line, could pressurize margins. Other concerns are :- |

|acquired systems and resultant gains, and staying at the forefront of |Newcomers in the OTT video market |

|technology. |increases video subscriber loss to 2%Y/Y |

| |Economic decline increases the total customer ARPU of $140 |

| |Advertisers investment shifted away from linear television |

|Return of capital - The company remains committed toward returning capital to|Uneven voting rights - Comcast is effectively controlled by the Roberts |

|shareholders via dividend payouts or share buybacks. |family, which controls 33% of the total votes through their super-voting |

| |Class B shares. It is possible that family interests may not be aligned with|

| |that of the institutional shareholders. |

|Strength in NBC Universal: The segment is witnessing significant improvement |Consolidation-related woes - The ongoing trend to consolidate business among|

|driven by strong results in TV, higher retransmission and affiliate revenues |telecom and cable TV operators may generate significant financial |

|and the underlying strength of the advertising market. |fluctuations for the company. |

|NBC Universal-DreamWorks deal: NBCUniversal, a division of Comcast completed |Increased Programming Cost - Higher program costs may impact the company’s |

|its acquisition of DreamWorks Animation in a deal worth $3.8 billion, wherein|margin going forward. Moreover, the acquisition of NBC Universal will |

|the stockholders of DreamWorks Animation was paid $41 in cash for each share |further affect margins in the upcoming quarters as the company may continue |

|of the company’s common stock. The studio will now be a part of the Universal|to invest substantial capital to secure Olympics telecast rights, and other |

|Filmed Entertainment Group, which includes Universal Pictures, Fandango and |major sporting event rights, in the near future. |

|NBCUniversal Brand Development. This deal will help Comcast strengthen its | |

|position in the sphere of kids and family entertainment. | |

|Dominant broadband provider - Comcast rolled out wideband (DOCSIS 3.0) |FCC Intervention: Comcast’s zero-rating plan for Stream TV service has |

|capability across majority of its cable networking footprint, and the company|attracted a lot of criticism. Proponents of the net neutrality viewpoint see|

|is active in more than half of its served markets with the All-Digital |this as a violation to the Federal Communications Commission (FCC)-enacted |

|initiative. Comcast has initiated a consumer trial of its DOCSIS 3.1 |net neutrality rules making an FCC intervention into its legitimacy scope to|

|supported advanced Gigabit Internet service in Nashville. The cable behemoth |jeopardize the prospects of the zero-rating plan, potentially affecting the |

|started rolling the service out in Atlanta in March this year. The company is|company. |

|also offering the service to customers for a 36-month period at $70 per | |

|month. Upgrading to the new DOCSIS 3.1 will allow Comcast to compete | |

|effectively against AT&T‘s ongoing Fiber-to-the-Home (FTTH) program. Further,| |

|Comcast has started deploying fiber-based 2 Gbps residential broadband | |

|Internet services. | |

More information on the company is available at its website: .

Note: Year-over-year figure is not provided due to unavailability of data.

Note: Comcast’s fiscal references coincide with the calendar year.

Feb 23, 2018

Long-Term Growth [NOTE: Only highlighted material has been changed]

Comcast is well positioned for above-average long-term growth based on its competitive advantage of scale of business. The company continues to manage the business for profitable growth, resulting in healthy revenues, as well as operating cash flow, earnings per share, and free cash flow generation. Management remains focused on delivering superior products and services to customers, and continues to aggressively invest in projects to extend long-term competitive advantage and improve customer experience.

In December 2017, Comcast announced the initiation of the nationwide rollout of the DOCSIS 3.1 technology, with its latest xFi Advanced Gateway. Comcast will lease the DOCSIS 3.1-powered, multi-gigabit advanced gateway, formerly known as the XB6, for $10 a month in nearly 75% of operating area. The XB6 devices is compatible with DOCSIS 3.0 and DOCSIS 3.1 networks. Per sources, Comcast is chalking a retail strategy for the XB6, which will employ a new self-install system. ARRIS International and Technicolor are the two major DOCSIS 3.1 equipment manufacturers for Comcast. ARRIS will use Intel Corp’s chipsets for its version, while Technicolor will manufacture another version using Broadcom chips. Comcast has been extensively deploying DOCSIS 3.1 network in several markets in the United States. The company has offered 1 Gbps downstream and 35 Mbps upstream speeds for DOCSIS 3.1 network. Comcast Business launched DOCSIS 3.1-based internet service to business customers in the Northeastern and Mid-Atlantic United States including Greater Boston, Greater Philadelphia, New Jersey, northern Delaware as well as in Baltimore, Charlottesville and Washington. Upgrading to DOCSIS 3.1 will enable Comcast to compete against AT&T’s ongoing Fiber-to-the-Home (FTTH) program. We believe that DOCSIS 3.1 and Gigabit Pro rollout is slated to drive prospects.

On Aug 17, 2017, Comcast completed the nationwide rollout of its wireless services under the Xfinity Mobile brand. Based on a Mobile Virtual Network Operator (MVNO) agreement with Verizon Communications Inc, Xfinity Mobile will be using Verizon's 4G LTE wireless network. Xfinity Mobile is expected to be the nation’s first wireless service combining the nation’s largest and most reliable 4G LTE network with 18 million Xfinity Wi-Fi hotspots to deliver a great wireless experience, which is cost effective. With Xfinity Mobile, the company is making both home Internet service and mobile access available at a reasonable price. Presently, Xfinity Mobile is being offered with data plan options - unlimited data plan for $45 per month for up to five lines with no usage limits or By the Gig plan for $12 per month for each gigabyte of cellular data used. Users who primarily rely on WiFi can choose the $12. Further, consumers can also get access to 18 million Wi-Fi hotspots with Xfinity Mobile. Comcast claims that customers can save upto 30% on their monthly wireless bills with Xfinity Mobile service. The cable operator, however did not, reveal the number of subscribers who have signed up for the service since it began its rollout. MEanwhile, Comcast has reportedly started testing the integration of YouTube on its X1 video platform. The company, however, did not reveal the number of markets and customers involved in the test. Comcast’s customers in Denver and several other markets claimed to have found YouTube in the app section of the X1 program guide. However, the cable MSO has yet to come up with an official, commercial launch of the over the top (OTT) app on its internet-connected set-top boxes. Earlier, 6n May 8, 2017, Comcast and Charter Communications announced their joint wireless venture so as to better explore their opportunities, and accelerate and enhance each other’s ability to participate in the national wireless marketplace. The company also bought $1.7 billion in wireless spectrum at a Federal Communications Commission’s (FCC) Broadcast Incentive auction in Apr 2017, to bolster its wireless services.

Comcast unveiled its plans on residential solar programs through a 40-month deal with Sunrun (nation’s largest provider of residential solar, storage and energy services). Per the deal, Sunrun will be the exclusive residential solar energy provider for Comcast Cable (one of the primary businesses of Comcast) and Comcast Cable will serve as one of Sunrun’s strategic partners through marketing campaigns in selected markets. Comcast plans to begin marketing Sunrun’s rooftop solar services to its customers in selected states later this year.  This agreement follows a successful one-year solar pilot program in which participating Comcast subscribers will have the option of signing up for a Sunrun BrightSave plan. The BrightSave plan allows customers enjoy 20 years of solar energy at a fixed monthly rate. We expect residential solar industry will continue to expand over the next decade as consumers are looking for cost-effective, independent and eco-friendly alternatives for energy resources. This will not only reduce expenses on electric bills but also reduce their dependence on fossil fuels. With its Xfinity Home service (home automation and security business), Comcast currently has almost 1 million subscribers, who can easily manage, control and operate a number of key smart home functions, including energy consumption management. Hence, working with Sunrun on smart solar energy and storage solutions for consumers perfectly complements Comcast’s efforts to offer smart home services. This is one of Comcast’s move in expanding into new lines of business as growth in selling cable-TV subscriptions has slowed down due to cord cutting.

Comcast has started deploying fiber-based 2 gigabits per second (2 Gbps) residential broadband Internet services in certain regions. Known as Gigabit Pro, this new service runs on fiber-to-the-home (FTTH) technology. Comcast Business recently announced the launch of DOCSIS 3.1-based internet service to business customers in the Northeastern and Mid-Atlantic United States including Greater Boston, Greater Philadelphi, New Jersey and northern Delaware as well as in Baltimore, Charlottesville and Washington. Upgrading to the new DOCSIS 3.1 will allow Comcast to compete effectively against AT&T’s ongoing Fiber-to-the-Home (FTTH) program. We believe Comcast’s DOCSIS 3.1 and Gigabit Pro rollout is slated to fuel growth at the company.

On Mar 24, 2017, Comcast announced that it has gained the rights to offer online TV services nationwide from several unnamed cable networks. The cable MSO reportedly got the rights using the ‘most favored nation’ clauses in its contracts. This allows Comcast to sell its video services for the first time outside its regional territories to new cities like New York and Los Angeles. This marks Comcast’s foray into online streaming TV services, thus diversifying its range of offerings. However, nothing has been confirmed by the cable MSO as yet. Rather, the company is still focused on gaining cable-TV subscribers from its traditional cable TV service markets. Comcast’s Cable business is pretty well poised, as evident from its last reported quarterly results. Meanwhile, Comcast is yet to renegotiate its long-term deals with some of its major partners like CBS and ESPN to acquire nationwide over-the-top (OTT) rights. The company last negotiated an extension with CBS in 2010 and with ESPN in 2012.

Comcast is focused on its theme park business for growth. After the acquisition of the NBC Universal division from General Electric, Comcast has gained ownership of the former’s theme parks. Comcast has lately decided to invest billions of dollars in its theme parks. Universal Parks & Resorts, a Comcast unit, signed a deal with a Chinese state-owned consortium – Beijing Shouhuan Cultural Tourism Investment Co. Ltd. – to build a Hollywood theme park in Beijing. The joint venture (JV) will invest approximately $3.25 billion to build the theme park which is slated for inauguration in 2019. In Orlando, the company is on the verge of opening resort hotels and other major attractions. In Florida, a big waterpark will be operational in 2017 while the California theme park is undergoing a $1.6 billion expansion anchored by a snow-capped Hogwarts Castle. Notably, over the last three to four years, the theme park business has reaped results for Comcast. In the fourth-quarter of 2017, Theme Parks revenues were $1,461 million, increasing 8.7% year over year. Additionally, the company launched Harry Potter at Universal Hollywood and expects it to be as successful as its other Potter attractions. Further, Comcast recently announced that its NBC Universal division is set to acquire the remaining 49% stake in Osaka-based Universal Studios Japan (USJ), for $2.3 billion (254.8 billion yen) from its current partners – Goldman Sachs Group Inc., MBK Partners Ltd. and Owl Creek Asset Management. Following this deal, Comcast will gain complete ownership of Universal Studios Japan, expanding its biggest overseas investment. In Sep 2015, Comcast’s NBC Universal division had acquired 51% stake in Universal Studios Japan for $1.5 billion. We believe that this acquisition will further help Comcast expand its theme park business and also cash in on the growing opportunities in the emerging markets of Japan and Asia as a whole. In Nov 2016, Universal Parks & Resorts, a unit of Comcast is planning to launch themed areas based on Nintendo’s video games at three of the cable MSO (multi serice operator)’s four Universal Studios theme parks.

Business Services has been witnessing strong momentum and continues to represent an attractive growth opportunity for the company. Evidently, in the fourth-quarter of 2017, Business Services revenues were $1,620 million, increasing 12.2% year over year. Comcast has been aggressively targeting the small and medium-sized business (SMB) segment, which is the core area of telecom operators. After tasting considerable success at the segment, Comcast has now been expanding its Business Services division to cater to large enterprises. In this regard, the company has acquired Contingent Network Services and also announced the creation of a new ‘Enterprise Service’ division with an aim to provide managed business services that include broadband, ethernet, voice, router, security, business continuity and Wi-Fi for Fortune 1000 companies. Moreover, the partnership with Amazon Web Service should further aid in catering to enterprise customers. We believe that Comcast’s present focus on large businesses will help it gain traction in the Business Services segment and also boost revenues.

NBC Universal has extended its 12-year contract with the International Olympic Committee (IOC) for Olympics telecast rights in the U.S. till 2032. NBC Universal will gain rights to six Winter and Summer Olympic Games for a record $7.75 billion (inclusive of $100 million for promoting the games in the 2015–2021 period). This will further drive the company’s revenues up in the coming years.

NBCUniversal, a division of Comcast completed its acquisition of DreamWorks Animation in a deal worth $3.8 billion, wherein the stockholders of DreamWorks Animation was paid $41 in cash for each share of the company’s common stock. The studio will now be a part of the Universal Filmed Entertainment Group, which includes Universal Pictures, Fandango and NBCUniversal Brand Development. This deal will help Comcast strengthen its position in the sphere of kids and family entertainment. The acquisition should boost NBCUniversal’s entertainment offerings, which will now include DreamWorks Animation’s cartoon characters. On Sep 21, 2016, DreamWorks Animation will redeem the $300 million principal amount outstanding of its 6.875% Senior Notes due Aug 15, 2020 at a redemption price of 105.156% of the principal amount, including accrued and unpaid interest but excluding the date of redemption.

However, over the last 3-4 years, the internal dynamics of the U.S. pay-TV industry have been gradually shifting from cable TV operators to large telecom operators and low-cost over-the-top service providers. Extensive network of fiber-based video services from telecom operators and the strong presence of online video streaming providers such as Netflix Inc., , YouTube etc., have become a severe threat to cable TV operators. These online videos provide an extremely cheap source of TV programming unless the customer is eager to view real-time programs like sports events. Firms view this as a major threat as the growing popularity of online videos, especially amid the ongoing economic uncertainties, may dent Comcast’s business in the near term.

Feb 23, 2018

Target Price/Valuation [NOTE: Only highlighted material has been changed]

Provided below is a summary of valuation and ratings as compiled by Zacks Research Digest:

|Rating Distribution |

|Positive |90.91%↓ |

|Neutral |9.09%↑ |

|Negative |0.0%↔ |

|Digest High |$55.00↑ |

|Digest Low |$40.00↔ |

|Avg. Target Price |$48.24↑ |

|Analysts with Target Price/Total no. of analysts |22/22 |

According to the analysts, risks to the target price include: increased penetration by competitive service providers, unfavorable regulatory controls from the government, programming costs pressurizing cable margins, erratic revenues from a few segments of the NBC Universal business, fierce competition for video subscribers from telecom and cable operators, and rising content costs.

Recent Events [NOTE: Only highlighted material has been changed]

On Jan 24, 2018, Comcast announced 4Q17 financial results. Highlights are as follows:

• Quarterly total revenue was $21,915 million, up 4.2% year over year and outperformed the Zacks Consensus Estimate of $21,804 million.

• Operating income was $4,107 million compared with $4,264 million in the year-ago quarter. Adjusted EBITDA was $6,751 million, down 0.1% year over year.

• Quarterly earnings per share (EPS) of 49 cents outpaced the Zacks Consensus Estimate of 47 cents.

On Jan 19, 2018, Comcast plans to strengthen the services it offers to small and mid-sized businesses (SMBs) leveraging on its wireless network. The largest cable MSO (multi service operator) is rolling out a new product -- Connection Pro -- which will enable SMBs to keep their businesses running in case of a power failure or loss of web connectivity.

On Jan 11, 2018, Comcast has been reportedly slapped with patent infringement charges by TiVo Corporation in relation to its X1 platform. The suit claims that Comcast’s X1 set-top boxes are infringing on at least eight of the patents, which are held by Rovi Corp. TiVo was acquired by Rovi in 2016 and the merged entity is known as TiVo, which attained ownership over more than 6,000 patents.

On Dec 11, 2017, Comcast has started the nationwide rollout of the DOCSIS 3.1 technology, with its latest xFi Advanced Gateway. Comcast will lease the DOCSIS 3.1-powered, multi-gigabit advanced gateway, formerly known as the XB6, for $10 a month in nearly 75% of operating area.

On Oct 26, 2017, the Board of Directors of Comcast declared a quarterly dividend of $0.1575 a share on the company’s common stock. The quarterly dividend will be paid on Jan 24, 2018 to shareholders of record as of the close of business on Jan 3, 2018.

On Oct 3, 2017, Comcast and America Movil have submitted joint bids to the Mexican Football Federation for rights to telecast the men’s and women’s Mexico national team over the next two World Cup cycles in the United States and rest of the world (excluding Mexico).

Revenue [NOTE: Only highlighted material has been changed]

Provided below is a summary of revenue as compiled by Zacks Digest:

|Revenue (in Million) |2Q16A |

|Content Ed. | |

|Reason for Update |Flash Update: 1Q18 |

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April 25, 2018

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Zacks Investment Research Page 9

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