Comcast beat Wall Street analysts’ estimates for the second quarter, delivering total revenue of $30 billion and earnings per share of $1.01.
The targets were $29.75 billion and 92 cents, respectively.
NBCUniversal revenue rose 19% to $9.4 billion, while adjusted EBIDTA increased almost 20% to $1.86 billion. Peacock Premium subscriber levels stalled at 13 million, but the streaming service helped drive an 8% year-over-year increase in distribution revenue. Losses at Peacock widened to $467 million, from $363 million a year ago. No overall monthly active user numbers were included with the financial results, but the company is ahead of its own projections of reaching 30 million to 35 million MAUs by 2025.
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The earnings release did not include any context for Peacock’s sideways movement in the quarter, though it said the results followed “a very strong first quarter that was driven by a variety of extraordinary programming.” NBCU had both the Winter Olympics and the Super Bowl in February and also rolled out Bel-Air, Peacock’s most successful original show in its 2-year history (according to the company).
Studio revenue jumped 33% to $3 billion in the second quarter of 2022, primarily reflecting higher theatrical revenue and content licensing revenue. Theatrical revenue increased $352 million to $550 million, primarily due to having more theatrical releases compared with a year ago, including Jurassic World: Dominion. Content licensing revenue climbed 19%, driven by television.
Comcast shed 1.7 million residential video customers in the period, ending with 16.5 million.
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