Comcast (NASDAQ:CMCSA) Corp exceeded expectations for quarterly revenue, buoyed by higher theme park attendance and the successful releases of its "The Super Mario Bros Movie" and "Fast X” titles.
The company reported a total revenue increase of 1.7% to $30.51 billion, surpassing analysts' average estimate of $30.13 billion.
Under the new reporting structure that includes NBCUniversal in the content and experiences segment, the company reported a 4% rise in revenue in the unit, reaching $10.87 billion in the second quarter.
Revenue at Comcast (NASDAQ:CMCSA)'s Peacock streaming service soared by 84.7% year-on-year, with paid subscribers reaching 24 million. Theme parks revenue also saw a notable increase of 22.4%, fueled by attractions like "Super Nintendo World" in Hollywood and Osaka.
However, ad revenue in content and experiences dropped 4.9% compared to the previous year, and the company lost 19,000 broadband customers in the quarter, partly attributed to competition from wireless carriers.
Nevertheless, the company's net income rose by 25.1% to $4.25 billion in the quarter.
Shares of Comcast (NASDAQ:CMCSA) jumped nearly 6% at the open on Thursday.
Contact Angela at angela@proactiveinvestors.com
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