By Harshita Mary Varghese
(Reuters) -Comcast topped estimates for quarterly revenue and profit on Thursday, driven by a surge in theme park attendance sparked by the May debut of “Epic Universe”, growth in its domestic wireless business and a spike in streaming revenue.
The Central Florida attraction boosted theme park revenue by nearly 19% in the second quarter, to $2.35 billion, even though it was open for about one month into the reporting period.
The park, which represents an estimated $7 billion investment, is one of the six areas that will contribute to Comcast’s growth.
The company’s shares were up 3% in early trading.
The live-action remake of the DreamWorks animated movie “How to Train Your Dragon” generated around $600 million in global box office, lifting the studio’s April-to-June revenue by 8%.
The Peacock streaming service reported revenue of $1.23 billion, a nearly 18% improvement, reflecting price hikes implemented in July 2024.
Peacock maintained its total paid subscriber base of 41 million, thanks to hit shows such as the reality dating competition “Love Island USA”. Losses at the division narrowed to $101 million, from $348 million a year earlier.
Comcast is positioning the launch of NBA basketball games later this year as a major driver for subscriber growth at Peacock.
Overall, Comcast reported revenue of $30.31 billion, narrowly beating the estimates of $29.81 billion, according to data compiled by LSEG.
On an adjusted basis, the company earned $1.25 per share, compared with estimates of $1.18.
The company added 378,000 new wireless phone customers, its highest ever quarterly additions.
Comcast, which houses the Xfinity-brand of internet and cable services, shed 226,000 broadband customers in the second quarter, fewer than the 255,000 losses forecast by FactSet.
“For Comcast, there are encouraging signs, but it will take time and has taken much longer to implement a complete revamp of its broadband service,” said PP Foresight analyst Paolo Pescatore.
To offset the ongoing broadband losses, Comcast has offered simplified all-inclusive packages that combine home internet, mobile and entertainment services.
Comcast said roughly half of new internet customers are choosing its five-year price lock guarantee.
(Reporting by Harshita Mary Varghese in Bengaluru and Dawn Chmielewski in Los Angeles; Editing by Sriraj Kalluvila)
