Strong results in theme parks and streaming helped Comcast (CMCSA.O) produce quarterly revenue above Wall Street projections on Thursday. However, the company also revealed a surprising decline in internet consumers.
LSEG data shows that the media conglomerate’s third-quarter revenue increased by 0.9% to $30.12 billion, above analysts’ projections of $29.68 billion.
Comcast lost 18,000 broadband users during the quarter due to increased competition from broadband-offering cellphone carriers, including Verizon (VZ.N.) and T-Mobile (TMUS.O.). FactSet projected a 3,600-customer increase.
Comcast reported a.8% gain in unit revenue to $10.56 billion in the quarter in its third set of results under a new reporting structure that includes NBCUniversal in the content and experiences division.
Comparing the same quarter last year to this one, advertising income from experiences and content decreased by 8.4%.
The Peacock streaming service had a 64% increase in revenue over the previous year. From 24 million recorded in the prior quarter to 28 million in the third quarter, paid subscribers grew by 4 million. A portion of the rise was due to the influx of Comcast customers who switched from being free Peacock users to paying.
Peacock’s adjusted quarterly losses decreased to $565 million, partly because of pricing increases. Due to pent-up demand during the COVID-19 epidemic, which prompted park closures, theme park income increased by 17.2%.Studios’s income decreased by 23.6% in the quarter compared to the same period last year, which featured the successes “Of Jurassic World: Dominion” and “Minions: The Rise of Gru,” despite the box office success of “Oppenheimer.” With things excluded, the business made $1.08 per share.