December 4, 2022

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Comcast Revenue Tops Estimates as Super Bowl, Olympics Lift Media Business | Investing News

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By Helen Coster and Eva Mathews

(Reuters) -Comcast Corp’s very first-quarter income beat Wall Street anticipations on Thursday, as the media big benefited from its broadcasts of the Tremendous Bowl and Beijing Olympics, as nicely as a rebound in topic park attendance.

Overall profits rose 14% to $31.01 billion in the quarter, beating analysts’ typical estimate of $30.53 billion, according to Refinitiv information.

Comcast, the most significant U.S. cable operator, attained 262,000 broadband prospects in the quarter, compared with Factset estimates of 229,000.

Broadband subscriber growth slumped 43.1% from a year ago, the 3rd consecutive quarter of subscriber declines soon after document growth for the duration of the pandemic. The enterprise has attributed the slowdown, in portion, to less individuals switching homes.

Profits at Comcast’s NBCUniversal media device rose 36.3% to $6.87 billion, which include $1.48 billion in revenue from broadcasting the Tremendous Bowl and Beijing Olympics.

NBCU advertising and marketing sales jumped 59.2%, benefiting from the sporting functions as perfectly as the progress of the Peacock streaming company.

Peacock included 4 million paid subscribers in the quarter, bringing whole paid out subscribers to 13 million. In a get in touch with with traders Thursday, Main Government Officer Brian Roberts mentioned the firm does not anticipate observing that style of expansion each and every quarter.

NBCUniversal’s media division benefits incorporated $472 million of earnings and an modified earnings before fascination, tax, depreciation and amortization (EBITDA) reduction of $456 million connected to Peacock, “which include quantities attributable to the 2022 Beijing Olympics and the NFL’s Tremendous Bowl,” in comparison to $91 million of earnings and an altered EBITDA decline of $277 million a 12 months earlier.

NBC’s Tremendous Bowl broadcast captivated an normal television audience of about 101 million viewers, approximately 10% above the 2021 championship, according to Nielsen facts, with advertisement costs up 18% over advertisement fees for the 2021 recreation.

Still the Wintertime Olympics in Beijing attracted the smallest key-time viewers considering the fact that NBCUniversal commenced broadcasting the games, amid a interval of shifting Television set-viewing practices.

Net earnings attributable to Comcast rose to $3.55 billion, or 78 cents per share, from $3.33 billion, or 71 cents per share, a yr before.

Comcast shares were being buying and selling down 3.37% at $42.95.

(Reporting by Helen Coster in New York and Eva Mathews in Bengaluru Modifying by Arun Koyyur, Bernadette Baum and David Evans)

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