Comcast out with Q2 Figures

Comcast (NASDAQ:CMCSA) reported second-quarter earnings Thursday morning that beat analyst expectations on the top and bottom lines. The company also reported a record of new broadband subscribers for the quarter.

Adjusted earnings per share proved to be 84 cents vs. 67 cents expected in a survey of analysts. Revenue was $28.55 billion vs. the expected $27.18 billion.

High-speed internet customers: 354,000 net adds vs. 270,000 net adds expected.

Comcast said net adds for high-speed internet customers was its best second-quarter performance on record. The company also had its best 2Q for total customer relationships, adding 294,000.

The company did not provide an update for NBCUniversal’s streaming service Peacock, but said executives would discuss its growth on the earnings call later this morning.

Comcast’s cable revenue came in at $16 billion, up 10.9% from a year ago. NBCUniversal also saw a boost in revenue, booking $8 billion for the quarter, up 39.2% from a year ago.

NBCUniversal’s entertainment segments had been hampered by the pandemic, which restricted movie theater operations and some theme parks. But partial resumption reflected positively on revenues.

Studios revenue showed signs of recovery, with $2.2 billion in revenue, up 8.4% from last year. Comcast said studio production business returned to pre-pandemic production levels. It was also boosted in the quarter by the premier of “Fast 9,” which netted $600 million worldwide in the box office so far.

CMCSA shares gained 99 cents, or 1.7%, to $58.97.