Even though broadband was slower than expected, Comcast was able to beat predictions with higher prices. Earnings per share were $1.13, which was more than the 97 cents that was expected. The amount of money made was $30.51 billion, which was more than the predicted $30.13 billion.
The number of people who use Peacock, Comcast’s streaming service, nearly doubled, to 24 million. Peacock made $820 million, an increase of 85%. Even with this rise, NBCUniversal’s media business is still losing money because of streaming platforms.
Shares of Comcast went up by almost 5% to a 52-week high. After the business reorganized and grouped Xfinity services with Sky in the U.K., sales in this section stayed the same at $20.36 billion.
During the quarter, Comcast got about 6 million new Xfinity mobile users but lost 543,000 cable TV customers.
Comcast put streaming first, even though Peacock’s adjusted losses went up to $651 million because it was still young. Even so, Peacock thinks that as more Xfinity customers switch to premium subscriptions, they will add more users.
Sales of content and events at NBCUniversal went up by 4% to $10.87 billion. Even though “The Super Mario Bros. Movie” and “Fast X” were big hits, the film studio’s income went down by 1%.
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The great start of Super Nintendo World at Universal’s Hollywood park led to a 22% increase in income for NBCUniversal’s theme parks business.
Comcast’s US advertising revenue declined 5% due to a lack of activity. Marketing pledged $7 billion in 2022 at the company’s
upfronts.
“The Super Mario Bros. Movie” and “Sunday Night Football” are terrific fall shows Comcast hopes will draw more viewers to Peacock.
Business leaders are cautiously hopeful despite competition, cord-cutting, and a weak economy.
The way Comcast did in Q2 shows how flexible and smart it is in the changing media and streaming world. The company sets itself up for long-term growth by getting past problems and taking advantage of
chances.