Comcast Revenue Tops Estimates as Super Bowl, Olympics Lift Media Business | Investing News

By Helen Coster and Eva Mathews

(Reuters) -Comcast Corp’s first-quarter income defeat Wall Road anticipations on Thursday, as the media large benefited from its broadcasts of the Super Bowl and Beijing Olympics, as perfectly as a rebound in topic park attendance.

Full income rose 14% to $31.01 billion in the quarter, beating analysts’ typical estimate of $30.53 billion, according to Refinitiv info.

Comcast, the premier U.S. cable operator, gained 262,000 broadband customers in the quarter, as opposed with Factset estimates of 229,000.

Broadband subscriber expansion slumped 43.1% from a 12 months back, the third consecutive quarter of subscriber declines immediately after history expansion all through the pandemic. The corporation has attributed the slowdown, in element, to much less men and women changing properties.

Income at Comcast’s NBCUniversal media device rose 36.3% to $6.87 billion, which includes $1.48 billion in profits from broadcasting the Tremendous Bowl and Beijing Olympics.

NBCU promoting gross sales jumped 59.2%, benefiting from the sporting activities as nicely as the advancement of the Peacock streaming services.

Peacock added 4 million paid out subscribers in the quarter, bringing whole paid subscribers to 13 million. In a get in touch with with investors Thursday, Chief Executive Officer Brian Roberts claimed the organization does not foresee seeing that variety of development just about every quarter.

NBCUniversal’s media division effects incorporated $472 million of earnings and an adjusted earnings ahead of desire, tax, depreciation and amortization (EBITDA) decline of $456 million similar to Peacock, “which includes quantities attributable to the 2022 Beijing Olympics and the NFL’s Super Bowl,” as opposed to $91 million of earnings and an altered EBITDA decline of $277 million a year earlier.

NBC’s Super Bowl broadcast captivated an ordinary television viewers of about 101 million viewers, around 10% higher than the 2021 championship, in accordance to Nielsen information, with ad fees up 18% in excess of advert costs for the 2021 match.

Nevertheless the Winter Olympics in Beijing captivated the smallest prime-time viewers since NBCUniversal began broadcasting the online games, amid a interval of modifying Tv-viewing practices.

Net income attributable to Comcast rose to $3.55 billion, or 78 cents for every share, from $3.33 billion, or 71 cents per share, a calendar year before.

Comcast shares ended up trading down 3.37% at $42.95.

(Reporting by Helen Coster in New York and Eva Mathews in Bengaluru Modifying by Arun Koyyur, Bernadette Baum and David Evans)

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