Comcast warns that coronavirus could have a ‘material adverse impact’ on results

Comcast Corp.
CMCSA,
+0.70%
warned in a Tuesday filing that the COVID-19 outbreak could have a “material adverse impact on our results of operations over the near to medium term,” though the fluid situation makes it “challenging” for management to estimate future impacts. The company disclosed that disruptions to the media landscape as a result of COVID-19 “exacerbate what was an already deteriorating economic environment and advertising market in the UK and Europe in 2019” as it relates to Comcast’s Sky business. Comcast said that its cable infrastructure is performing well to meet people’s increasing at-home demands but that the business “will not be unaffected either as economic stress impacts our residential and business services customer base.” Comcast is also dealing with theme-park closures and delayed film releases. Its shares are up 2.6% in premarket trading Tuesday. The stock has lost 23% over the past month as the S&P 500
SPX,
+6.62%
has dropped 31%.