Quote:
Originally Posted by UglyBuzzard
Another just announced. Yea, this sucks 
Comcast
The Philadelphia-based telecom corporation said it would award $1,000 bonuses to more than 100,000 non-executive employees. In addition, Comcast (CMCSA) NBC Universal Chairman and CEO Brian L. Roberts said the company plans to spend more than $50 billion in the next five years on infrastructure investments that are expected to create "thousands of new direct and indirect jobs."
In a press release, Comcast said the initiatives were "based on the passage of tax reform and the FCC's action on broadband." |
I really hope that it works out long term. I would question their sincerity though. Comcast's 2016 gross revenue was $80B according to their year end results. After operating and capital costs, Comcast made $8.2B profit in 2016.
In 2016, Comcast paid approximately $125M to their top 5 executives. This all occurred with a Democrat in office.
So, 100,000 X $1,000 = $100M for this 1 time bonus. That means that all the Comcast employees, the people that do the work and who allow Comcast to succeed in the competitive market, will be paid less than the 5 top executives made in 2016. Put another way, the recently announced bonus is ~1.2% of the 2016 profit while executive compensation (to FIVE people) was ~1.5%. I will reserve my applause on this one.
Furthermore, $10B per year in capital expenditures for a company with $80B in gross revenues is really nothing to brag about. And regardless of the net neutrality landscape, Comcast would still have to upgrade their infrastructure to remain competitive.
As I say, I hope the US economy becomes strong and that ALL hard working Americans prosper. It is my opinion, though, that these announcements are political rather than altruistic. I sincerely hope these short term gains translate into long term gains for all Americans.
But I have my doubts.
Cheers,