Comcast beats quarterly income estimates fueled by broadband demand By Reuters
© Reuters. The Comcast NBC emblem is proven on a constructing in Los Angeles, California
By Eva Mathews and Helen Coster
(Reuters) – Comcast Corp (NASDAQ:) on Thursday reported quarterly income forward of Wall Road estimates, buoyed by regular demand for its web and wi-fi providers attributable to distant work regardless of pandemic-related weak spot in its theme park and movie companies.
Income for the first-quarter rose 2.2% from a 12 months earlier to $27.21 billion, beating analysts’ estimates of $26.70 billion, in line with IBES knowledge from Refinitiv.
The media firm gained 461,000 broadband clients within the quarter, topping analysts’ common estimate of 396,000 internet additions, in line with analysis agency FactSet. It misplaced 491,000 video clients within the quarter, greater than the 418,000 Wall Road anticipated, in line with FactSet.
Comcast is experiencing an uptick in movie show and theme park ticket gross sales as these venues reopen at a restricted capability. The corporate has additionally benefited from distant work and e-learning, which have pushed demand for broadband and streaming video providers.
Comcast stated it had 42 million sign-ups to its Peacock streaming service, which launched in July, up from 33 million final quarter. Peacock competes towards streaming giants Netflix Inc (NASDAQ:). and Walt Disney (NYSE:) Co’s Disney+, amongst different providers.
The corporate’s NBCUniversal section, which incorporates NBC Leisure and Common Footage, reported income of $7.02 billion, down about 9% from a 12 months earlier, owing to pandemic-related delays in manufacturing and theatrical releases of big-budget movies.
Media income rose 3.2%, buoyed by larger affiliate charges and energy within the firm’s information enterprise at the same time as advert gross sales fell in the course of the quarter.
Theme parks income fell 33.1% to $619 million.
(This story corrects reported interval to first quarter from fourth in paragraph two)
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