Comcast reported second-quarter earnings Thursday morning that beat analyst expectations on the top and bottom lines. The company also reported a record of new broadband subscribers for the quarter.
Shares were up slightly in premarket trading.
Here’s what Comcast reported compared to Wall Street’s expectations:
Adjusted earnings per share: 84 cents vs. 67 cents expected in a Refinitiv survey of analysts
Revenue: $28.55 billion vs. $27.18 billion in the Refinitiv survey
High-speed internet customers: 354,000 net adds vs. 270,000 net adds expected in a StreetAccount survey
Comcast said net adds for high-speed internet customers was its best second-quarter performance on record. The company did not provide an update for NBCUniversal’s streaming service Peacock, but said executives would discuss its growth on the earnings call later this morning.
Comcast’s cable revenue came in at $16 billion, up 10.9% from a year ago. NBCUniversal also saw a boost in revenue, booking $8 billion for the quarter, up 39.2% from a year ago.
NBCUniversal’s entertainment segments had been hampered by the pandemic, which restricted movie theater operations and some theme parks. But partial resumption reflected positively on revenues.
Studios revenue showed signs of recovery, with $2.2 billion in revenue, up 8.4% from last year. And theme park revenue came in at $1.1 billion, up slightly from a year ago when parks were largely shuttered due to the pandemic.
Revenue from Sky was up 14.9%, but customer relationships fell by 248,000 to 23.2 million, which the company attributed to cancellations following the end of soccer season.
Here’s how Comcast’s divisions did for the quarter compared with a year earlier:
Cable communications accounted for $16 billion, up 10.9%
Media brought in $5.1 billion, up 25.7%
Theme parks accounted for $1.1 billion, gaining $958 million
Studios reported $2.2 billion, up 8.4%
