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Comcast Warns COVID-19 To Have Adverse Impact On Near-to-medium Term Results

While reporting its first-quarter financial results on Thursday, Comcast Corp. (CMCSA,CMCSK) said that while its Cable Communications results were strong in the first quarter of 2020, it will be negatively affected in the second quarter by the significant deterioration in domestic economic conditions and by the costs associated with the company's support of customer connectivity as the population increasingly works and learns remotely from home.

Comcast noted that NBCUniversal and Sky results also will be negatively impacted to a greater extent in the second quarter 2020. As a result, the company expect the impacts of COVID-19 to increase in significance in the second quarter 2020 and to have a material adverse impact on its consolidated results of operations over the near-to-medium term.

"We are distributing our content in new ways, as evidenced by the recent launch of Peacock on X1 and Flex. We've also taken decisive action, having moved over 95% of our U.S. call-center employees to work from home and putting in place new procedures that have allowed more than 15,000 construction workers to safely come back to work to build our theme park in Beijing," said Brian Roberts, Chairman and Chief Executive Officer of Comcast.

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