Comcast Reports Q1 Gains

Comcast Corporation posted a modest gain in revenues in Q1 as it reported improved numbers at Peacock while seeing erosion in its base of pay-TV subscribers.

“Our team is continuing to execute exceptionally well in a dynamic and competitive marketplace,” said Brian L. Roberts, chairman and CEO of Comcast Corporation. “We delivered double-digit growth in adjusted EPS and free cash flow while returning $3.6 billion to shareholders, investing aggressively in our businesses and maintaining our strong balance sheet. We grew broadband ARPU over 4 percent, delivered 7 percent revenue growth in our connectivity businesses and expanded our adjusted EBITDA margin across connectivity and platforms. In studios, following a record year with eight Oscars including Best Picture, our film group continues to leverage our incredible IP with hits like Kung Fu Panda 4; and Peacock remains one of the fastest growing domestic streamers with impressive acquisition, retention and engagement trends. Overall, I am proud of our ability to consistently perform at the highest levels and continue to position the company for long-term growth.”

Revenues in Q1 rose by 1.2 percent to $30.06 billion, while net income inched up by less than 1 percent to $3.86 billion.

NBCUniversal, the content and experiences segment, delivered revenues that were 1 percent higher at $10.4 billion. Media revenues rose by 3.6 percent to $6.4 billion, lifted by gains at Peacock and international networks revenues. Peacock recorded a 55 percent increase in paid subscribers to 34 million, with revenues up 54 percent to $1.1 billion. Studios revenues took a 7 percent hit, falling to $2.7 billion amid a 10 percent drop in content licensing revenues to $2.1 billion, while theatrical revenues rose to $330 million. Theme park revenues were up by 1.5 percent to $2 billion.

In the connectivity and platforms segment, revenues were stable at $20.3 billion even as its base of customer relationships slipped by 166,000 to 52 million. The company lost 65,000 broadband customers and 487,000 video customers while gaining 289,000 wireless customers.