Comcast Corp's beat estimates for quarterly revenue on Thursday, helped by higher theme park attendance and the successful theatrical releases of "The Super Mario Bros Movie" and "Fast X", sending its shares up 3.5% in premarket trading.
Reuters reports the company's total revenue rose 1.7% to $30.51 billion in the quarter, beating analysts' average estimate of $30.13 billion.
In its second set of results under a new reporting structure that includes NBCUniversal in the content and experiences segment, the company reported a 4% increase in revenue in the unit to $10.87 billion in the second quarter.
Revenue at the company's Peacock streaming service rose 84.7% compared with a year earlier. Paid subscribers increased by two million in the second quarter, to 24 million, from the 22 million it reported in the previous quarter.
Adjusted losses from the platform widened to $651 million from $467 million a year ago as Comcast continues to invest heavily in content. The company has said that it expects Peacock losses to peak at around $3 billion in 2023, but expects it to steadily improve after that.
Theme parks revenue climbed 22.4%, thanks to demand for attractions such as "Super Nintendo World" in Hollywood and Osaka, Japan.
Comcast's total connectivity and platforms revenue, which includes the cable business and most of its Sky unit, reported a 0.1% gain in revenue.
The number of customers dropping Comcast’s traditional pay television service climbed during the company’s second financial quarter, with Xfinity TV losing 543,000 residential and business subscribers in the three-month period that ended June 30.
The figure was disclosed as part of the company’s Q2 financial earnings report released Thursday morning, which showed the number of broadband accounts also dipped by 19,000.
Overall, net income attributable to Comcast rose 25.1% to $4.25 billion in the quarter.
No comments:
Post a Comment