Comcast pops as Q2 earnings powered by Mario, Peacock amid broadband weakness
Czgur
Comcast (NASDAQ:CMCSA) shares rose more than 3% in pre-market trading on Thursday after the media and cable giant reported second-quarter results that were aided by a rise in subscribers to its Peacock streaming service and its movie studio and theme parks.
For the period ending June 30, Comcast (CMCSA) earned an adjusted $1.13 per share on $30.51B in revenue, led by a nearly 85% increase in Peacock-related revenue to $820M.
The company added that the number of paid subscribers to its service, which houses content such as WWE (WWE) wrestling, Yellowstone, Parks And Recreation and The Office, nearly doubled from a year-ago to 24M.
The quarterly results were also driven by a 4% year-over-year revenue jump in its Content & Experiences segment, aided by its movie studios, which generated $255M in Adjusted EBITDA during the period. The Super Mario Bros. Movie, which has generated $1.3B at the global box office, is the highest-gross movie of the year and the second-highest grossing animated movie of all time, behind Disney's (DIS) Frozen.
Adjusted EBITDA at its Theme Parks business rose 32% year-over-year to $833M, aided by growth at Universal Beijing, Universal Japan and Universal Hollywood.
Analysts were expecting Comcast (CMCSA) to earn 98 cents per share on $30.13B in revenue.
Despite the strength in its media segments, Comcast (CMCSA) experienced weakness in its broadband unit, as it lost 19,000 subscribers during the period, ending the period with 32.305M subscribers.
The company also lost 543,000 video subscribers, ending the period with 14.985M.
Comcast (CMCSA) is slated to host a conference call at 8:30 a.m. EST to discuss the results.
More on Comcast

Comcast: Buy Mario's Box Office Success And Universal Theme Park's Attendance
Comcast Corporation: 44% Upside With Strong Competitive Advantages
Comcast declares $0.29 dividend
'Barbie' and 'Oppenheimer' give jolt to summer box office
Comcast Corporation 2023 Q2 - Results - Earnings Call Presentation


Comcast: Don't Step In The Bear Trap
Comcast earnings look-ahead: Watching broadband demand, theme park attendance, and box-office performance
'Barbenheimer' spurs fourth-biggest box-office weekend ever
Seeking Alphaâs Quant Rating on Comcast
Earnings data for Comcast
Dividend scorecard for Comcast