Comcast's Q2 Earnings: Studios And Theme Parks Pull Revenue Lower, Broadband And Video Subs Fall
Comcast Corp (NASDAQ:CMCSA) reported second-quarter revenue decline of 2.7% year-over-year to $29.69 billion, missing the analyst consensus estimate of $30.02 billion.
The company reported adjusted EPS of $1.21, beating analyst consensus estimates of $1.12. The stock price fell after the earnings report.
Revenue from Studios declined by 27% year over year to $2.25 billion due to higher revenue from theatrical releases in the prior year period, including The Super Mario Bros. Movie and Fast X.
Also Read: Comcast’s Paris Olympics Bet For Boosting Peacock’s Viewership: Report
Theme Parks revenue decreased by 10.6% Y/Y to $1.98 billion, missing the analyst consensus of $2.21 billion, as customers prefer international travel and cruises following the pandemic recovery, Bloomberg reports. Additionally, Comcast postponed the opening of its Epic Universe theme park in Orlando to 2025.
Connectivity & Platforms adjusted EBITDA, which grew by 1.6% to $8.5 billion with a margin expansion of 90 bps to 41.9%, a record high.
Comcast said it generated $1.3 billion in free cash flow during the quarter.
Comcast lost 120,000 broadband customers in the period amid rivalry with telecom companies.
Comcast also lost 419,000 video subscribers due to rising cord-cutters seeking out streaming giants like Netflix Inc (NASDAQ:NFLX).
Peacock paid subscribers increased 38% year over year to 33 million, lagging the analyst consensus of 34.7 million. Revenue grew by 28% year over year to $1.0 billion.
CMCSA Price Action: Comcast shares were down 5.83% at $37.23 at the last check on Tuesday.
Photo via Wikimedia Commons
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