NBCUniversal’s Peacock posted a $261 million profit and $1.8 billion in revenue in the third quarter, marking its second consecutive profitable period, as parent Comcast’s overall results were dragged lower by declines in broadband and video.
Peacock’s profit compared with a $217 million loss a year earlier, while revenue rose from $1.4 billion. The streamer held steady at 48 million subscribers.
Comcast’s adjusted profit fell 7.3% to $3.8 billion, or $1.07 per share, and revenue declined 6.1% to $29.3 billion. The drops were driven by continued weakness in its broadband and video businesses, partially offset by the World Cup and strong theatrical performances from Christopher Nolan’s “The Odyssey,” Illumination’s “Minions & Monsters,” and a carryover benefit from “Obsession.”
Comcast’s content and experiences segment, which includes NBCUniversal, Sky, and Universal theme parks, grew revenue 6.5% to $10.54 billion, with profits rising 29.3% to $1.8 billion. By contrast, the connectivity and platforms business saw revenue fall 2.6% to $19.7 billion and profits decline 4.4% to $7.6 billion as it lost 144,000 residential broadband customers and 274,000 video customers.
The studios business reported an 18.6% increase in profits to $402 million, even as revenue slipped 1.1% to $2.97 billion. Theatrical revenue surged 76.6% on the strength of “The Odyssey” and “Minions & Monsters,” helping Universal cross $5 billion at the domestic box office during the quarter. Those gains were partly offset by a 23.7% drop in content licensing revenue tied to the timing of available TV content.
Theme parks profits fell 17% to $780 million and revenue declined 4.4% to $2.6 billion, reflecting lower admissions and higher operating costs at domestic parks. Executives said they remain confident in the business’s long-term growth potential despite “near-term cyclical headwinds.”