Comcast reported third-quarter earnings of $1.07 per share, surpassing analysts' expectations of 98 cents, with total revenue reaching $29.3 billion, slightly above the anticipated $29.28 billion.
The media division, which includes Peacock, generated $5.4 billion in revenue, a 13% increase year-over-year, bolstered by a rise in Peacock subscribers to 48 million, a 17% increase from the previous year. The streaming service achieved $261 million in adjusted EBITDA, marking its second profitable quarter since its launch.
However, Comcast's connectivity and platforms sector faced challenges, with a 2.7% revenue decline and a loss of 144,000 broadband customers. The company is shifting focus to its mobile business in response to increased competition. Additionally, Comcast's theme park revenue fell 4.4% to $2.6 billion, attributed to cyclical headwinds and promotional activities.
The company plans to spin off NBCUniversal and Sky into separate publicly traded entities, aiming for greater strategic focus. Overall, while Comcast's media performance was strong, the declines in connectivity and theme parks highlight ongoing challenges in those areas