By Emily Bary
Broadband, wireless help drive cable growth
Comcast Corp. topped earnings and revenue expectations Thursday after showing some recovery in its parks business as well as continued growth in the cable segment.
The company posted second-quarter net income of $3.74 billion, or 80 cents a share, up from $2.99 billion, or 65 cents a share, a year earlier. On an adjusted basis, Comcast (CMCSA) earned 84 cents a share, up from 69 cents a year prior. The FactSet consensus was for 66 cents a share.
Comcast's revenue for the quarter rose to $28.55 billion from $23.72 billion, whereas analysts tracked by FactSet had been predicting $27.16 billion.
Shares were up 2.2% in premarket trading Thursday.
Revenue for the cable segment increased to $16.00 billion from $14.43 billion, driven by increases in broadband and wireless revenue. Analysts were looking for $15.71 billion in revenue for the business. Total customer relationships grew by 294,000 to 33.8 million in the period.
Comcast's NBC Universal business saw revenue climb to $7.96 billion from $5.72 billion as the parks segment rebounded with particularly notable performance at Universal Orlando. Media revenue was also up, and the company noted that it saw advertising revenue increase 32.8% due to a higher number of sporting events relative to a year earlier, as well as better pricing. That momentum was partly offset by ratings declines, Comcast continued.
Revenue for the Sky payTV unit was up to $5.22 billion from $4.08 billion, gains that Comcast said reflected better direct-to-consumer, advertising, and content revenue trends.
Shares of Comcast are up 2.8% over the past three months as the S&P 500 has risen 5.2%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 29, 2021 07:37 ET (11:37 GMT)
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