Comcast topped Wall Street expectations for the first quarter, reporting stronger-than-expected revenue and earnings, fueled by a blockbuster sports lineup at NBCUniversal and a sharp slowdown in broadband customer losses.
The company posted adjusted earnings per share of 79 cents, beating analysts’ average forecast of 73 cents. Revenue climbed 5% to $31.46 billion, surpassing estimates of $30.43 billion.
Broadband losses narrowed significantly to 65,000 customers in the quarter, compared with 183,000 losses a year earlier. Comcast has responded to intensifying competition from wireless carriers like Verizon and T-Mobile by rolling out more aggressive pricing packages and accelerating its mobile business, which added 435,000 new lines and now serves 9.7 million customers.
- Cable TV losses also improved, falling to 322,000 from 427,000 in the prior-year period.
- Comcast’s net income dropped nearly 36% to $2.17 billion, or 60 cents per share, from $3.38 billion a year ago.
- Adjusted EBITDA declined roughly 17% to $7.93 billion.
NBCUniversal delivered standout results thanks to a powerhouse sports slate that the company dubbed “Legendary February,” which included the Super Bowl, Winter Olympics, and NBA All-Star Weekend.
Live sports continued to dominate traditional TV and streaming, drawing premium ad dollars. NBC charged an average of $8 million per 30-second Super Bowl spot.
Peacock streaming also benefited, growing subscribers 12% year-over-year to 46 million. Revenue nearly doubled to $2.1 billion, though the service posted a wider quarterly loss of $432 million compared with $215 million last year. Adjusted EBITDA for the media segment showed a loss of $426 million, driven by elevated costs from the Olympics, Super Bowl, and NBA rights fees.
The results reflect Comcast’s ongoing shift toward digital growth and competitive bundling as it works to offset legacy cable declines and capitalize on premium sports content.