Comcast Sees Q2 Profit Surge, Revenue Gain

Revenues at Comcast Corporation rose by 2.1 percent to $30.3 billion, with net income surging to $11.1 billion, boosted by the sale of its stake in Hulu.

“We delivered solid financial results in the second quarter, growing adjusted EPS by 3 percent and generating $4.5 billion of free cash flow, while continuing to invest in our growth businesses and returning $2.9 billion to shareholders,” said Brian L. Roberts, chairman and CEO of Comcast Corporation. “Importantly, we’re pleased with the early progress we are seeing with our go-to-market pivot in residential broadband. In addition, our wireless business had its best quarter ever, adding 378,000 lines, further demonstrating our competitive advantage in convergence. And we continued to deliver strong performance in business services, where we grew revenue and adjusted EBITDA by mid-single digits. In content and experiences, revenue grew 6 percent, led by theme parks, with the successful opening of Epic Universe, which is having a positive impact on our overall Universal Orlando Resort. Peacock continues to differentiate itself with premium content and one of the most robust lineups of live sports among streaming platforms, and we’re excited to build on that leadership with the addition of NBA coverage this fall. With our strategic focus, world-class assets, and disciplined capital allocation, we are well-positioned for the future and confident in our path forward.”

Content and experiences revenues rose by 5.6 percent to $10.6 billion, with media revenues up 1.8 percent to $6.4 billion as lower U.S. ad revenues were offset by increased revenues from international networks and domestic distribution. Studios revenues gained 8 percent to $2.4 billion with increased contributions from both content licensing and theatrical revenues. Theme parks were up 18.9 percent to $2.3 billion.

Within the connectivity and platforms segment, revenues were flat at $20.4 billion despite a reduction in customer relationships to 51.2 million. The platform lost 325,000 video customers in the period.