Finance

Comcast revenue tops estimates as Super Bowl, Olympics lift media business

The Comcast NBC emblem is proven on a constructing in Los Angeles, California, U.S. June 13, 2018. REUTERS/Mike Blake/File Photograph/File Photograph

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April 28 (Reuters) – Comcast Corp’s (CMCSA.O) first-quarter income beat Wall Avenue expectations on Thursday, because the media big benefited from its broadcasts of the Tremendous Bowl and Beijing Olympics, in addition to a rebound in theme park attendance.

Complete income rose 14% to $31.01 billion within the quarter, beating analysts’ common estimate of $30.53 billion, based on Refinitiv information.

Comcast, the biggest U.S. cable operator, gained 262,000 broadband clients within the quarter, in contrast with Factset estimates of 229,000.

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Broadband subscriber development slumped 43.1% from a yr in the past, the third consecutive quarter of subscriber declines after document development through the pandemic. The corporate has attributed the slowdown, partially, to fewer folks altering properties.

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

NBCU promoting gross sales jumped 59.2%, benefiting from the sporting occasions in addition to the expansion of the Peacock streaming service.

Peacock added 4 million paid subscribers within the quarter, bringing whole paid subscribers to 13 million. In a name with traders Thursday, Chief Government Officer Brian Roberts mentioned the corporate doesn’t anticipate seeing that kind of development each quarter.

NBCUniversal’s media division outcomes included $472 million of income and an adjusted earnings earlier than curiosity, tax, depreciation and amortization (EBITDA) lack of $456 million associated to Peacock, “together with quantities attributable to the 2022 Beijing Olympics and the NFL’s Tremendous Bowl,” in comparison with $91 million of income and an adjusted EBITDA lack of $277 million a yr earlier.

NBC’s Tremendous Bowl broadcast attracted a mean tv viewers of about 101 million viewers, roughly 10% above the 2021 championship, based on Nielsen information, with advert charges up 18% over advert charges for the 2021 recreation.

But the Winter Olympics in Beijing attracted the smallest prime-time viewers since NBCUniversal started broadcasting the video games, amid a interval of adjusting TV-viewing habits.

Internet revenue attributable to Comcast rose to $3.55 billion, or 78 cents per share, from $3.33 billion, or 71 cents per share, a yr earlier.

Comcast shares have been buying and selling down 3.37% at $42.95.

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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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