SUMMARY
- Peacock, Comcast's streaming service, records near doubling of subscribers to 24 million, alongside an 85% increase in revenue.
- Comcast surpasses analyst predictions, with adjusted earnings per share at $1.13, and total revenue reaching $30.51 billion.
- Losses in the broadband and traditional cable TV sectors were offset by gains in mobile and streaming, highlighting a shift in the company's user base.
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Surpassing analyst predictions, Comcast announced encouraging second-quarter results on Thursday. A combination of stronger pricing strategies managed to balance a continued dip in their broadband enterprise.
The company noted its streaming service, Peacock, had witnessed its subscriber numbers soaring close to 100% to an impressive 24 million users year-on-year, boosting revenue by a substantial 85% to $820 million. While these numbers are encouraging, losses from the streaming service continue to put pressure on NBCUniversal's media operations.
In contrast with analyst forecasts from Refinitiv, Comcast performed better across the board:
- Adjusted earnings per share: $1.13 versus an expected 97 cents
- Revenue: $30.51 billion against an anticipated $30.13 billion
The period ending on June 30 saw Comcast's earnings reach $4.25 billion or $1.02 per share, an increase from $3.4 billion or 76 cents per share the previous year. Adjusting for singular items, the most recent earnings per share stood at $1.13, marking Comcast's most significant earnings leap in two years.
Earlier this year, Comcast introduced changes in its reporting, merging its Xfinity-branded broadband, cable TV, and wireless services with its UK-based service, Sky. Total revenue for the amalgamated segment was $20.36 billion, maintaining a similar level as last year. However, the period was not without losses - 19,000 domestic broadband subscribers moved on, leaving over 32.3 million total broadband customers by the quarter's end.
Comcast's traditional cable TV division continued to lose ground with a drop of 543,000 subscribers during the quarter. On the brighter side, the Xfinity mobile business kept up its positive performance, growing to nearly 6 million customers. Despite the increase in Peacock's subscribers and revenue, the platform's losses still created a financial burden on the media segment, with adjusted losses amounting to $651 million, up from a loss of $467 million year-on-year.
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