Comcast saw gains in revenue and profit, topping Wall Street estimates across the board as its stock popped in early trade. Theme parks saw a bump from NBCUniversal’s new Epic Universe in Orlando that opened in May and How To Train Your Dragon had a soaring debut in June.
The company booked a $9.2 billion one-time gain for the sale of its stake in Hulu to Disney.
Peacock narrowed losses on the year and the quarter with the streamer at 41 million subscribers at the end of June, flat from Q1 in a seasonally soft quarter/
Theme parks saw profit surge 26% to $1.7 billion on revenue up 19% to $2.3 billion. Studio profit and revenue rose, respectively, 8% and 5.3%.
Media Networks, in the process of mostly being spun out into a separate public company, saw domestic advertising dip 7.2% offset by higher international networks and domestic distribution revenue.
At the company’s massive connectivity business, wireless was a standout. Revenue was flat with the prior year period quarter but decreased when excluding the impact of foreign currency, driven by decreases in video, other and advertising revenue, offset by increases in domestic wireless, international connectivity and domestic broadband revenue.
Domestic broadband revenue increased due to higher average rates, partially offset by a decline in the number of domestic broadband customers.
“We delivered solid financial results in the second quarter, growing Adjusted EPS by 3% and generating $4.5 billion of free cash flow, while continuing to invest in our growth businesses and returning $2.9 billion to shareholders,” said CEO Brian Roberts.
“Importantly, we’re pleased with the early progress we are seeing with our go-to-market pivot in residential broadband. In addition, our wireless business had its best quarter ever, adding 378,000 lines, further demonstrating our competitive advantage in convergence. And we continued to deliver strong performance in Business Services, where we grew revenue and Adjusted EBITDA by mid-single digits,” said . In Content and Experiences, revenue grew 6% led by Theme Parks, with the successful opening of Epic Universe, which is having a positive impact on our overall Universal Orlando Resort.
“Peacock continues to differentiate itself with premium content and one of the most robust line-ups of live sports among streaming platforms, and we’re excited to build on that leadership with the addition of NBA coverage this fall. With our strategic focus, world-class assets, and disciplined capital allocation, we are well-positioned for the future and confident in our path forward,” he said.
The company is hosting a call at 8:30 ET.
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