Comcast Corp’s second-quarter revenue beat Wall Street estimates on Thursday, buoyed by media activity from NBC Universal and a continued recovery in theme park attendance and box office ticket sales.
Broadband subscriber growth remained flat, having declined year-over-year in each of the previous three quarters. The company attributed the slowdown, in part, to fewer people changing homes. Comcast experienced record broadband growth early in the pandemic.
Comcast’s total revenue rose 5.1% to $30.02 billion in the quarter, beating analysts’ average estimate of $29.68 billion, according to Refinitiv data.
Revenue from the cable business, which includes broadband, rose 3.7% to $16.6 billion, matching analysts’ estimates.
NBCUniversal’s revenue rose 18.7% in the quarter to $9.45 billion, beating Wall Street estimates of $9.02 billion. This was helped by a strong studio performance at NBCUniversal, driven by box office sales of Universal Pictures’ “Jurassic World: Dominion,” as well as theme park attendance.
The theme parks division’s revenue rose 64.8% despite the closure of Universal Beijing Resort for most of the quarter following an outbreak of COVID-19 cases in the Chinese capital.
Comcast announced it had 13 million paid subscribers to its Peacock streaming service, the same as last quarter, when chief executive Brian Roberts told investors that subscriber gains would be “more modest” until in the second half of this year when more movies and live sports become available on the service.
NBCUniversal ad sales were down 1.3% in the quarter from a year ago when NBC owned the rights to broadcast National Hockey League games.
Net income attributable to Comcast fell to $3.4 billion, or 76 cents per share, from $3.74 billion, or 80 cents per share, a year earlier.