Q1 Revenue Slips, Profits Rise at Comcast Corporation

First-quarter revenues at Comcast Corporation were down 4.3 percent to $29.7 billion, while net income was up by 8 percent to $3.8 billion.

“We delivered strong first quarter results as our team executed exceptionally well,” said Brian L. Roberts, chairman and CEO of Comcast Corporation. “We grew Adjusted EBITDA and Adjusted EPS, and generated a significant amount of free cash flow. We accomplished all of this while continuing to invest in future growth initiatives. Also, importantly, we had solid revenue growth in our high-margin connectivity businesses, while increasing our Peacock subscribers more than 60 percent year over year. Our theme parks set a new record of Adjusted EBITDA for a first quarter. In addition, we returned a healthy amount of capital to our shareholders and maintained an enviable balance sheet. As we look ahead, we have great momentum across the company, including Studios where Super Mario Bros. has smashed global box office records to become one of the most successful movies of 2023.”

Comcast’s content and experiences segment reported revenues of $6.15 billion, a 20.7 percent decline largely due to last year’s Q1 including the Beijing Olympics and the Super Bowl. U.S. ad revenues fell by 38.8 percent to $2 billion, with distribution revenues down 7.8 percent to $2.7 billion, while the international networks contributed $1 billion, a 1.3 percent increase.

Studios delivered revenues of $2.96 billion, a 1.7 percent increase, driven by a surge in theatrical revenues to $319 million, while content licensing revenues slipped by 3.5 percent to $2.3 billion.

Theme park revenues rose by 24.9 percent to $1.9 billion.

The cable segment—connectivity and platforms—saw revenues fall slightly to $20.1 billion with the company reporting a total of 52.5 million customer relationships. U.S. video customers fell by 614,000 to 15.5 million.