Comcast beat Q3 earnings forecasts thanks to strong media revenue and Peacock's second quarterly profit, despite losses in broadband and cable customers.
01Summary
- 01Peacock reported $261m in adjusted EBITDA on $1.8bn in revenue for the third quarter.
- 02Media division revenue rose 13% year over year to $5.4bn, while connectivity revenue fell 2.7%.
- 03Comcast lost 144,000 domestic broadband residential customers and 274,000 cable customers, but added 368,000 mobile subscribers.
- 04Net income was $3.45bn, or 97 cents per share, compared with $3.33bn a year earlier.
- 05Theme park revenue declined 4.4% to $2.6bn, with adjusted EBITDA down 17%.
02Why it matters
The results show how Comcast's planned spin-off of NBCUniversal and Sky is unfolding amid a shift from traditional cable to streaming and mobile services.
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