Comcast CEO Brian Roberts arrived at the Allen & Company Sun Valley Conference on July 6, 2021 in Sun Valley, Idaho.
Kevin Deechu | Getty Images
Stocks rose more than 2% in pre-market transactions.
Here’s what Comcast reported in comparison to Wall Street’s expectations:
- Adjusted earnings per share: Analyst Refinitiv Survey Expected 84 Cents vs. 67 Cents
- Revenue: $ 28.55 billion compared to $ 27.18 billion in the Refinitiv survey
- High Speed Internet Customers: Street Account Survey Expected Net Additions 354,000 vs. 270,000 Net Additions
According to Comcast, net additions for high-speed Internet customers were the highest second-quarter performance ever. The company also added 294,000 to achieve the best 2Q overall customer relationships.
The company didn’t offer an update to NBCUniversal’s streaming service Peacock, but executives said they would discuss its growth later this morning in a earnings call.
Comcast’s cable revenue was $ 16 billion, up 10.9% from a year ago. NBCUniversal also saw revenue growth, with quarterly bookings up 39.2% from a year ago to $ 8 billion.
NBCUniversal’s entertainment segment was hampered by cinema operations and pandemics that restricted some theme parks. However, the partial resumption had a positive impact on earnings.
Studio revenue showed signs of recovery, with revenue of $ 2.2 billion, up 8.4% from last year. According to Comcast, the studio production business has returned to pre-pandemic production levels. It was also boosted this quarter by the premiere of Fast 9, which has earned $ 600 million in box office worldwide.
The theme park revenue was $ 1.1 billion, a slight increase from a year before the park was severely closed due to a pandemic. All locations in Singapore, Japan, California and Florida have been reopened with some capacity, but the new park in Beijing is expected to open later this year.
Europe-based Sky segment revenue increased 14.9%, but customer relationships fell 248,000 to 23.2 million. This is due to cancellation after the end of the soccer season.
Here’s how the Comcast division did in the quarter compared to a year ago.
- Cable communications increased 10.9% to $ 16 billion
- Media brought in $ 5.1 billion, up 25.7%
- Theme parks accounted for $ 1.1 billion and won $ 985 million
- Studio reported $ 2.2 billion, up 8.4%
Disclosure: Comcast is the owner of CNBC’s parent company, NBC Universal.
Comcast Revenue: (CMCSA) Q2 2021
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