Brian Roberts, Chairman and CEO of Comcast Corp.
Patrick T. Fallon | Bloomberg | Getty Images
Comcast reported first quarter results Thursday that beat analyst estimates on the top and bottom lines.
Shares of the company fell 3% in premarket trading, after initially rising 5% in the report.
Here are the key numbers:
Earnings per share: 86 cents, adjusted from 80 cents per share, according to Refinitiv
Revenue: $31.01 billion vs. $30.5 billion, according to Refinitiv
Broadband Internet customers: 262,000 vs. 229,000 net additions, according to analysts polled by FactSet
The company’s Europe-based Sky division saw revenue fall 4.5% year-over-year to $4.8 billion, due to the impact of currencies, as well as the decline in content revenue. Analysts polled by FactSet expected Sky revenue of $4.92 billion for the quarter.
Business at Comcast’s Universal theme parks continued to recover after prolonged closures due to the coronavirus pandemic. Revenue for the division soared more than 151% year-over-year to $1.56 billion, which beat analysts’ forecast of $1.44 billion, according to FactSet.
“Our recovery from the pandemic at Theme Parks has been fantastic and shows no signs of slowing down,” Comcast CEO Brian Roberts said in a statement.
NBCUniversal saw revenue rise about 46% in the first quarter, including $1.5 billion from the Beijing Olympics and the Super Bowl.
Advertising revenue jumped 59.2% in the quarter, largely due to these two events.
Here’s how Comcast’s divisions fared for the quarter compared to the prior year:
Cable Communications generated $16.54 billion in revenue, up 4.7%
Media generated $6.87 billion in revenue, up 36.3%
Studios generated $2.76 billion in revenue, up 15.1%
Theme parks generated $1.56 billion in revenue, up 151.9%
Sky contributed $4.77 billion in revenue, down 4.5%
Excluding Beijing Olympics and Super Bowl revenue, Comcast said its media division generated $5.38 billion in revenue in the quarter, a 6.9% year-over-year increase. .
Roberts said on Comcast’s earnings conference call that NBCUniversal’s Peacock streaming platform added 4 million paying subscribers to 13 million in total. Peacock has 28 million monthly active users, up from 24.5 million, although Roberts added that the Olympics and the Super Bowl last quarter led to an increase in Peacock’s growth which will likely wane in the quarters. coming.
The company recorded an adjusted EBITDA loss of $456 million related to Peacock, compared to an adjusted EBITDA loss of $277 million in the same period a year earlier.
Wednesday, Comcast announced a new joint venture with Charter Communications which will see its Xfinity Flex streaming hardware available to broadband subscribers of both companies.
“This partnership demonstrates the benefits of our focus on innovation and enables us to bring streaming and entertainment aggregation products that run on our global technology platform to millions of additional customers,” said Roberts.
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Disclosure: Comcast owns CNBC’s parent company, NBCUniversal.