NBCUniversal’s growth may be tracked particularly closely given AT&T Inc.’s recent agreement to buy Time Warner for $85.4 billion—a deal modeled largely on Comcast’s purchase of NBCUniversal, which married content and distribution.
Revenue grew 28% to $9.2 billion at NBCUniversal in the third quarter, thanks to the Rio Olympics. Excluding the boost from the Games, NBCU’s revenue increased 5.7%.
On the cable side, Comcast added 32,000 video customers, compared with a loss of 48,000 in the prior-year quarter, lengthening a strong streak for the cable industry in a weak overall pay-TV market.
Comcast’s results add to the cable industry’s comeback after years of losing video subscribers to satellite and phone companies. Cable companies are benefiting from pouring more investment into their cable TV products and bundling that alongside fast broadband, as well as offering cheaper, slimmed-down bundles of programming for more cost-conscious consumers.
Total quarterly profit rose to $2.2 billion, or 92 cents a share, up from $2 billion, or 80 cents a share, a year ago. Revenue grew 14% to $21.3 billion, though it was only up 5.5% when excluding the impact of the 2016 Rio Olympics.
Revenue and profit slightly exceeded estimates from analysts, who were projecting earnings of 91 cents a share on $21.2 billion in revenue, according to Thomson Reuters.
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