Comcast beats earnings expectations, reports Peacock sign-ups grow to 42 million

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CMCSANBCUniversal kicks off it’s new Peacock streaming service.Todd Williamson | Peacock | NBCUniversal | Getty Images

Comcast reported first-quarter results before-the-bell on Thursday that beat analyst estimates on both the top and bottom lines.

Here are the key numbers:

Earnings per share: 76 cents adj. vs 58 cents expected in a Refinitiv survey of analysts Revenue: $27.21 billion vs $26.7 billion per Refinitiv High-speed internet customers: 461,000 vs 396,000 net adds expected in a FactSet survey

Peacock, the company’s streaming service, reached 42 million sign-ups across the U.S., compared to 33 million from the fourth quarter. Comcast credited the addition of the popular series “The Office” and its exclusive domestic streaming rights to the WWE Network for the growth in Peacock sign-ups.

The company also had its best first-quarter result on record for total customer relationships, adding 380,000 to 33.5 million. It added 461,000 high-speed internet customers.

Meanwhile, the company’s studios division was hampered by the pandemic, which restricted movie theater operations and shut down some movie production. Studios revenue decreased 0.6% to $2.4 billion in the first quarter of 2021, primarily reflecting lower theatrical revenue.

Comcast’s theme park division, hit by closures and capacity reductions stemming from the pandemic, saw revenue decrease 33.1% to $619 million.

Here’s how Comcast’s divisions did for the quarter compared with a year earlier:

Cable communications accounted for $15.81 billion in revenue, up 5.9%Media brought in $5.04 billion, up 3.2% Theme parks accounted for $619 million, down 33.1%Studios reported $2.4 billion, down 0.6%

Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC.

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