Comcast reported mixed Q2 earnings with missed revenue, gains in Peacock streaming service.

From CNBC: 2024-07-23 10:31:13

Comcast reported mixed results, missing revenue estimates but showing gains in streaming service Peacock. Earnings per share were $1.21 adjusted vs. $1.12 expected, revenue was $29.69 billion vs. $30.02 billion expected. Net income was down 7.5% to $3.93 billion, and revenue dropped nearly 3% to $29.69 billion.

Comcast lost 120,000 broadband customers but not as many as expected, with the company’s overall customer base at over 32 million. Revenue for Xfinity broadband, cable TV, and mobile fell 1.5% to $17.82 billion, as broadband revenue increased by 3% to $6.57 billion due to price increases.

Theme park revenue dropped nearly 11% to $1.98 billion as attendance returned to normal. Comcast executives remained optimistic about the future of the theme parks business, despite a decline in attendance this year. The recent slowdown is attributed to fewer investments in new attractions.

NBCUniversal’s TV business revenue increased by 2%, with Peacock posting impressive growth. Paid subscribers to Peacock increased by 38% to 33 million, and revenue increased by 28% to $1 billion. Peacock’s losses were significantly reduced compared to the same period last year, with benefits from live sports programming.



Read more at CNBC: Comcast (CMCSA) earnings Q2 2024