Comcast beat earnings expectations as Peacock posted second straight profit
Peacock reported adjusted EBITDA of $261 million, versus a $217 million loss a year earlier, as Comcast lost 144,000 broadband customers
Comcast reported a $261 million profit from Peacock streaming service in Q3, marking the second consecutive quarter of profit. The media conglomerate's adjusted profit dipped 7.3% to $3.8 billion, with revenue declining 6.1% to $29.3 billion. Peacock's revenue grew to $1.8 billion, while NBCUniversal's parent company's content and experiences division saw a 6.5% revenue increase to $10.54 billion and a 29.3% profit rise to $1.8 billion.
The connectivity and platforms division, however, experienced revenue decline of 2.6% to $19.7 billion and a 4.4% profit drop to $7.6 billion due to losses in broadband and video services. Despite these challenges, the company remains confident in the theme park business' long-term growth potential, even as it faces near-term headwinds.
The World Cup boosted media revenue by 13% to $5.4 billion, with advertising and distribution revenues surging by 14.6% and 22.4%, respectively.
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