Comcast Revenue: (CMCSA) Q2 2021
Comcast on Thursday announced second quarter results that exceeded analysts’ expectations for revenue and earnings. The company also saw a record of new broadband subscribers for the quarter.
Shares rose about 1.5% in the morning.
Here’s what Comcast reported, versus Wall Street’s expectations:
- Adjusted earnings per share: 84 cents compared to 67 cents expected in a refinitive poll of analysts
- Revenue: $ 28.55 billion versus $ 27.18 billion in the Refinitive survey
- High-speed internet customers: 354,000 net adds compared to 270,000 net adds expected in a StreetAccount survey
Comcast said net additions for high-speed Internet customers were the highest ever for a second quarter performance. The company also had its best second quarter in terms of overall customer relationships with 294,000 customers.
“It’s been an amazing quarter,” said CEO Brian Roberts on TechCheck. from CNBC, noting that broadband was the “star” segment in the second quarter.
The company said NBCUniversal’s streaming service, Peacock, had 54 million logins and more than 20 million monthly active accounts this week. Comcast, which does not split free and paid users, had 42 million signups in the US in the first quarter of this year.
NBC CEO Jeff Shell said on the company’s call with investors that the direct-to-consumer service is still in the early stages of content rollout. He believes Peacock can grow sufficiently large without changing course, which means mergers and acquisitions are unlikely to be necessary.
“We believe we can look for ways to grow organically, which we did in this quarter, that we did all year, and even if there are partnerships that can accelerate streaming, especially internationally,” Roberts told CNBC.
Comcast’s cable sales were $ 16 billion, up 10.9% from last year. NBCUniversal also saw revenue jump 39.2% year over year to $ 8 billion for the quarter.
NBCUniversal’s entertainment segments have been hampered by the pandemic, which restricted cinema operations and some theme parks. But the partial resumption had a positive effect on revenue.
The studios’ earnings showed signs of recovery with sales of $ 2.2 billion. That is 8.4% more than in the previous year. Comcast said its studio production business had returned to pre-pandemic levels. It was also boosted in the quarter by the premiere of the film “Fast 9”, which grossed $ 600 million at box offices worldwide.
Theme park revenues were $ 1.1 billion, slightly more than a year ago when parks largely closed due to the pandemic. The locations in Singapore, Japan, California and Florida have partially reopened, while a new park in Beijing is due to open later this year.
“We remain incredibly optimistic about our theme parks,” said Roberts on the company’s conference call that morning.
Revenue from the Europe-based Sky division rose 14.9%, while customer relationships fell by 248,000 to 23.2 million. The company attributed the decline to cancellations after the end of the football season.
Here’s how Comcast’s divisions performed for the quarter compared to last year:
- Cable communications accounted for $ 16 billion, up 10.9%
- Media grossed $ 5.1 billion, up 25.7%
- Theme parks accounted for $ 1.1 billion and $ 958 million, respectively
- Studios reported $ 2.2 billion, up 8.4%
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
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