Comcast’s Q3 Earnings Soar: A Golden Performance
Summer Olympics Bring Home the Gold for NBCUniversal
Comcast’s third-quarter earnings exceeded expectations, thanks to the Summer Olympics in Paris, which catapulted NBCUniversal’s revenue and Peacock’s subscriber count to new heights. Let’s dive into the numbers.
A Strong Quarter for Comcast
For the quarter ended September 30, Comcast’s net income decreased by 10% to $3.63 billion, or 94 cents a share, compared to $4.05 billion, or 98 cents a share, last year. However, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell only 2% to approximately $9.74 billion.
Revenue on the Rise
Comcast’s revenue surged 6.5% to $32.07 billion, compared to the same period last year. The Summer Olympics and domestic broadband revenue drove this growth, despite slowing customer growth.
NBCUniversal Shines
Revenue for the media segment, primarily comprising NBCUniversal, jumped nearly 37% to $8.23 billion, largely due to the Olympics. Excluding the Summer Games, revenue still rose almost 5%. This more than offset the decrease in adjusted EBITDA for the media segment, resulting from higher operating expenses and programming costs at Peacock and other sports TV programming.
A Record-Breaking Olympics
The Summer Olympics in Paris proved to be a massive success for NBCUniversal, attracting an average daily viewership of 31 million people across NBC’s TV and streaming platforms. The event generated a record $1.2 billion in advertising revenue, significantly boosting the overall revenue for the content and experiences segment, which includes theme parks and film studios, by 19.3% to roughly $12.6 billion.
A Bright Future Ahead
Comcast’s strong performance in Q3 sets the stage for a promising future. With its diverse range of businesses, including NBCUniversal, Peacock, and domestic broadband, the company is well-positioned to continue growing and thriving in the ever-changing media landscape.
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