Comcast Revenue Tops Estimates as Super Bowl, Olympics Lift Media Business | Investing News

By Helen Coster and Eva Mathews

(Reuters) -Comcast Corp’s initial-quarter income beat Wall Street anticipations on Thursday, as the media large benefited from its broadcasts of the Super Bowl and Beijing Olympics, as very well as a rebound in theme park attendance.

Complete profits rose 14% to $31.01 billion in the quarter, beating analysts’ typical estimate of $30.53 billion, in accordance to Refinitiv info.

Comcast, the largest U.S. cable operator, received 262,000 broadband clients in the quarter, in comparison with Factset estimates of 229,000.

Broadband subscriber progress slumped 43.1% from a year in the past, the 3rd consecutive quarter of subscriber declines following history growth through the pandemic. The firm has attributed the slowdown, in element, to fewer persons transforming households.

Revenue at Comcast’s NBCUniversal media unit rose 36.3% to $6.87 billion, such as $1.48 billion in income from broadcasting the Super Bowl and Beijing Olympics.

NBCU advertising product sales jumped 59.2%, benefiting from the sporting occasions as effectively as the growth of the Peacock streaming company.

Peacock extra 4 million paid subscribers in the quarter, bringing overall compensated subscribers to 13 million. In a call with buyers Thursday, Main Executive Officer Brian Roberts explained the company does not foresee viewing that type of development every single quarter.

NBCUniversal’s media division results integrated $472 million of profits and an modified earnings ahead of fascination, tax, depreciation and amortization (EBITDA) reduction of $456 million similar to Peacock, “which include quantities attributable to the 2022 Beijing Olympics and the NFL’s Super Bowl,” compared to $91 million of profits and an modified EBITDA reduction of $277 million a year previously.

NBC’s Super Bowl broadcast attracted an common television audience of about 101 million viewers, approximately 10% earlier mentioned the 2021 championship, in accordance to Nielsen details, with advert costs up 18% around ad charges for the 2021 video game.

However the Wintertime Olympics in Beijing attracted the smallest key-time audience given that NBCUniversal started broadcasting the video games, amid a period of modifying Television set-viewing behaviors.

Net earnings attributable to Comcast rose to $3.55 billion, or 78 cents for each share, from $3.33 billion, or 71 cents for each share, a calendar year earlier.

Comcast shares ended up trading down 3.37% at $42.95.

(Reporting by Helen Coster in New York and Eva Mathews in Bengaluru Enhancing by Arun Koyyur, Bernadette Baum and David Evans)

Copyright 2022 Thomson Reuters.