Comcast (CMCSA) reported its quarter results, on Thursday. Although the parent company of CNBC, NBCU, Peacock streaming services and more reported results that were better than Wall Street analysts estimates, the stock saw a drop. Comcast’s share price fell by almost 6 percent, although it has seen a 28 percent rise to date. The company reported a decrease in subscribers as well as lower advertising revenue.
Comcast reported an adjusted third quarter net income rise of 6.2 percent and it was $4.48 billion at $1.08 per share while LSEG, which was formerly called Refinitiv had estimated 95 cents per share. The reported revenue was also higher at $30.12 billion while the estimate was $29.68 billion.
The largest U.S. internet provider threw up some mixed results in the third quarter. It lost 18,000 high speed broadband customers. It also lost 490,000 video subscribers. Wireless revenue increased by 16 percent and was reported as $197 million after the addition of 294,000 customers in the third quarter.
Americans have been ditching traditional cable TV in favor of streaming services. NBCUniversal added 4 million subscribers in the quarter, adding $830 million in revenue. This is a 64 percent increase from a year earlier.
Despite the huge success of celebrity Christopher Nolan’s magnum opus Oppenheimer, (more than $900 million in global sales, theatrical revenue fell by 25 percent in 2023. NBC Universal had bigger hits such as Minions: The Rise of Gru and Jurassic World: Dominion in its summer slate in 2022.
Theme park revenue saw a gain of 17.2 percent at $2.42 billion due to its Super Nintendo World attraction but its Orlando park struggled.
NBCUniversal saw a 0.4 increase in media revenue at $6 billion due to a rise in distribution revenue. However, advertising sales saw a drop of 8.4 percent and were reported as $1.9 billion.
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