The Comcast NBC logo is seen on a building in Los Angeles, California, on June 13, 2018.
Mike Blake | Reuters
Comcast Disney reported mixed results before the opening bell on Tuesday, failing to meet revenue estimates due to tough comparisons between the past two years for the movie studio and theme parks.
Here's how Comcast performed, compared to estimates from analysts surveyed by LSEG:
Earnings per share: $1.21 adjusted vs. $1.12 expectedRevenue: $29.69 billion vs. $30.02 billion expected
For the quarter ended June 30, net income fell 7.5% to about $3.93 billion, or $1 per share, compared with $4.25 billion, or $1.02 per share, in the same quarter a year ago. Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, fell about 1% to $10.17 billion.
The company’s revenue fell about 3% to $29.69 billion from the same period last year. Revenue from its Content and Experiences segment, which includes NBCUniversal TV, theme parks and Universal Pictures, fell 7.5% to $10.06 billion.
Comcast shares were down slightly to $39.28 in premarket trading.
Universal Pictures, in particular, saw its revenue fall 27% to $2.25 billion, a tough comparison to last year, when “Super Mario Bros.” and “Fast X” were released, one of Comcast’s best quarters in history. Comcast is looking ahead to the rest of the year’s slate, including this summer’s big hits “Despicable Me 4” and “Twisters,” and “Wicked,” which is due out in November.
Meanwhile, theme park revenue fell about 11% to $1.98 billion as attendance returned to normal from the record high set in 2023.
The theme park sector began to slow in the last quarter after a huge increase in attendance following the Covid closures in 2023.
However, NBCUniversal's television business made up for the sector, posting revenue of $6.32 billion, up 2% from last year.
Peacock, NBCUniversal’s answer to streaming, has been a bright spot for the company. The streaming service posted its best year-over-year improvement, with paid subscribers up 38% to 33 million. The streaming service’s revenue also increased 28% to $1 billion.
Peacock also boosted adjusted earnings before interest, taxes, depreciation and amortization for its media segment, which rose 9% to $1.36 billion.
Peacock-related losses were $348 million, a significant improvement from $651 million in the same period last year.
Comcast, like its cable peers, continued to feel pressure in its broadband segment. The company said it lost 110,000 residential broadband customers during the quarter.
Revenue for the segment, which includes Xfinity-branded broadband, cable TV and mobile, fell 1.5% to $17.82 billion due to further declines in its cable TV business. Comcast lost 419,000 cable TV customers during the quarter.
However, domestic broadband revenue rose 3% to $6.57 billion due to price increases.
The company's mobile business continued to flourish, with the number of its customer lines increasing by 20% compared to last year to 7.2 million.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
