On Thursday, Comcast Corp reported a strong and busy third quarter, surpassing market expectations. The Philadelphia-based telecommunications and media giant saw revenue rise 6.5% year-over-year to $32.07 billion, up from $30.12 billion, beating the consensus estimate of $31.66 billion, as cited by CNBC.
Olimpycs boost Comcast earnings
"Third-quarter results highlight our platform's resilience—broadband average revenue per user grew by 3.6%, connectivity business revenue increased 5%, and adjusted EBITDA margins in Connectivity & Platforms reached 40.9%," stated Chair and CEO Brian Roberts.
Roberts also noted the success of the Paris Summer Olympics, which boosted Peacock’s revenue and subscriber base significantly, and helped NBC secure the top network ranking for the 2023-2024 season. He further highlighted *Despicable Me 4*, which grossed nearly $1 billion worldwide.
In pre-market trading in New York on Thursday, Comcast shares rose 8.3% to $45.75 each.
However, net profit attributable to Comcast dropped 10% to $3.63 billion from $4.05 billion, with diluted earnings per share down 4.2% to $0.94 from $0.98, due to increased operating expenses, particularly in programming and production costs.
Comcast’s Connectivity & Platforms customers declined by 29,000 to 51.7 million, while Domestic Broadband subscribers fell by 87,000 to 32.0 million, impacted by the Affordable Connectivity Program—a U.S. federal initiative offering eligible households internet for $30 monthly.
Excluding these effects, Comcast reported a net customer addition of 67,000, with total domestic broadband net additions at 9,000.
