Comcast CEO Brian Roberts arrived in Sun Valley, Idaho on July 9, 2019 for the annual Allen & Company Sun Valley Conference.
Drew Anger | Getty Images
Comcast reported its second-quarter earnings before the bell on Thursday, beating analyst estimates along the top and bottom lines.
Comcast’s NBCUniversal made its first earnings report since launching its new ad-supported streaming service, Mayur, and marked the first time the full extent of the epidemic over Comcast’s business.
Shares of CNBC’s parent company Comcast were up more than 3% in prepaid trading after the report.
Here are the key numbers:
- earnings per share: Analysts’ refinitive survey expects 69 cents adjusted, vs. 55 cents
- Revenue: $ 23.72 billion, vs. Refinitiv Survey Expected $ 23.57 Billion
- High Speed Internet Customers: 323,000 Net Worth Vs. 247,000 expected in a FactSet survey
Despite the possibility of an epidemic during the second quarter in many parts of the world, Comcast has given some positive signs.
High-speed Internet subscribers grew faster than expected, reaching a second-quarter record in cable with more than 217,000 net customer relationships. Comcast also said that despite the postponement of major live sports events, 95% of Sky Sports customers have retained it since the start of the epidemic. As Internet subscribers grew, Comcast saw a net loss of 477,000 total video subscribers.
Comcast has introduced a variety of promotions to help its customers overcome the crisis, including making their Internet essentials until the end of the new year and keeping their home free from Xfinity Wi-Fi hot spots until the end of the new year.
The company said Peacock has seen more than 10 million sign-ups to launch in April for Comcast’s customers in April and this month.
But Comcast’s NBCUniversal division took some hits in the second quarter as advertisers pulled back spending and had to close the theme park altogether. NBCUniversal’s revenue was down 25.4% year-on-year to $ 6.1 billion.
Theme park revenue declined the most in the quarter, down 94.1% to $ 87 million. Universal Parks in Orlando, Florida and Japan were able to reopen in June with limited capacity, but increasing cases in Florida could jeopardize any progress.
Filmed entertainment was affected by the theater’s closure, but its content licensing revenue grew 19.5%, partly as a result of relocation releases such as “Troll’s World Tour” on premium video due to its demand. Total revenue for the segment declined 18.1% to $ 1.2 billion.
Advertising revenue declined 27% for cable networks and for broadcast television, 27.9%, reflected reduced spending and canceled sports events. Both divisions saw content license revenues increase by 23.1% and 58.5%, respectively, due to the timing of license agreements, including transactions with Mayur.
Here’s how Comcast’s division did for the quarter:
- Cable revenue is $ 14.4 billion in total revenue, down 0.2% year-over-year
- Cable network is down 14.7% to $ 2.5 billion in total revenue
- Broadcast television brought in $ 2.4 billion in total revenue, down 1.6%
- Filmed entertainment of $ 1.2 billion in total revenue, down 18.1%
- The theme park brought in $ 87 million in total revenue, down 94.1%
This story is developing. Please check back for updates.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
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