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

By Helen Coster and Eva Mathews

(Reuters) -Comcast Corp’s very first-quarter earnings beat Wall Street anticipations on Thursday, as the media giant benefited from its broadcasts of the Super Bowl and Beijing Olympics, as perfectly as a rebound in topic park attendance.

Whole earnings rose 14% to $31.01 billion in the quarter, beating analysts’ ordinary estimate of $30.53 billion, according to Refinitiv info.

Comcast, the most significant U.S. cable operator, acquired 262,000 broadband customers in the quarter, in contrast with Factset estimates of 229,000.

Broadband subscriber progress slumped 43.1% from a calendar year ago, the 3rd consecutive quarter of subscriber declines just after report development all through the pandemic. The company has attributed the slowdown, in portion, to less folks shifting households.

Earnings at Comcast’s NBCUniversal media unit rose 36.3% to $6.87 billion, like $1.48 billion in income from broadcasting the Tremendous Bowl and Beijing Olympics.

NBCU promoting revenue jumped 59.2%, benefiting from the sporting situations as properly as the advancement of the Peacock streaming services.

Peacock extra 4 million compensated subscribers in the quarter, bringing total paid out subscribers to 13 million. In a simply call with buyers Thursday, Chief Government Officer Brian Roberts stated the company does not anticipate observing that sort of growth each individual quarter.

NBCUniversal’s media division benefits bundled $472 million of profits and an adjusted earnings just before fascination, tax, depreciation and amortization (EBITDA) loss of $456 million relevant to Peacock, “together with amounts attributable to the 2022 Beijing Olympics and the NFL’s Tremendous Bowl,” in contrast to $91 million of earnings and an modified EBITDA loss of $277 million a yr previously.

NBC’s Tremendous Bowl broadcast captivated an normal television viewers of about 101 million viewers, around 10% previously mentioned the 2021 championship, according to Nielsen data, with advertisement premiums up 18% in excess of ad premiums for the 2021 sport.

But the Winter season Olympics in Beijing attracted the smallest prime-time audience considering the fact that NBCUniversal started broadcasting the online games, amid a time period of changing Tv set-viewing practices.

Web cash flow 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 were being 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)

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