Revenues, Profit Slip at Comcast

Comcast Corporation’s second-quarter revenues were down 2.7 percent to $29.7 billion, with profit falling by 7.5 percent to $3.9 billion.

Total content and experiences revenues fell by 7.5 percent to $10.06 billion. Media revenues were up 2.1 percent to $6.3 billion, with gains in U.S. distribution (5.7 percent to $2.8 billion, driven by Peacock) and international networks (6.5 percent to $1.1 billion) outweighing the 1.7 percent slip in U.S. ad revenues to $2 billion. Studios revenues were down 27 percent to $2.25 billion, with content licensing down 6 percent to $1.7 billion and theatrical plummeting by 74 percent to $237 million (the year-ago period included The Super Mario Bros. Movie and Fast X). Theme parks revenues also took a hit, falling by 10 percent to $2 billion.

Within the Connectivity & Platforms segment, revenues were largely flat at $20.2 billion, even as the segment lost 275,000 customer relationships to reach a total of 51.7 million. U.S. video customers ended Q2 at 13.2 million, down from just under 15 million in the same period last year.