Comcast earnings and revenue topped Wall Street’s targets for the March quarter as the entertainment and internet giant signed up more broadband customers than expected. Comcast stock rose, though revenue fell more than expected at NBCUniversal.
The nation’s biggest cable TV company said adjusted earnings rose 7% to 76 cents a share from a year earlier. Comcast (CMCSA) said revenue climbed 2.2% to $27.20 billion.
Analysts expected CMCSA earnings of 59 cents a share on revenue of $26.72 billion for the period ended March 31. A year earlier, Comcast earnings came in at 71 cents a share on sales of $26.61 billion.
Also, Comcast said it added 461,000 broadband customers, topping expectations of 394,000. The company lost 491,000 video subscribers vs. estimates of a 418,000 loss.
Comcast stock climbed 2.6% to near 55.50 on the stock market today. Cable communications revenue increased 5.9% to $15.8 billion, the company said.
Meanwhile, Comcast added 278,000 wireless subscribers vs. estimates of a 226,000 gain.
Comcast Stock: Peacock Streaming Service Adds 9 Million Users
In addition, Comcast said it signed up 9 million consumers for its new Peacock-branded, advertising-supported video streaming service. The new Peacock streaming service had 42 million users as of March 31, up from 33 million at the end of 2020.
NBCUniversal revenue fell 9% to $7.02 billion, the company said. Analysts had estimated NBCU revenue of $7.23 billion. NBCU’s earnings before interest, taxes, depreciation and amortization, or EBITDA, fell 11.8% to $1.49 billion, topping estimates of $1.28 billion.
Also in the CMCSA earnings report, Sky revenue rose 2% to nearly $5 billion vs. estimates of $4.58 billion.
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