Theme Parks, Studios Lift Comcast Results

Second-quarter revenues at Comcast Corporation rose by 1.7 percent to $30.5 billion, delivering a net income for the period that was 25.1 percent higher at $4.3 billion.

“The consistent investments we’ve been making in our growth businesses continue to generate strong results and position us extremely well both now and into the future,” said Chairman and CEO Brian L. Roberts. “This quarter contained a number of highlights and notable achievements. We not only continued to deliver solid revenue growth in our connectivity businesses but also expanded our adjusted EBITDA margin at Connectivity & Platforms. We generated the best quarterly adjusted EBITDA ever at Theme Parks, had the second-highest grossing animated film of all time in worldwide box office revenue with Super Mario Bros., and nearly doubled paid Peacock subscribers year-over-year. At the same time, we returned a healthy amount of capital to shareholders and maintained an enviable balance sheet. Our experienced and expert management team is executing at an exceptional level, and our long-term-oriented growth strategy is clearly working.”

Revenues from Comcast’s Connectivity & Platforms segment was stable at $20.4 billion, with the business serving a total of 52.3 million customer relationships, reflecting a loss of 228,000 customers. The segment lost 543,000 video customers in the period.

The company Content & Experiences segment reported total revenues of $10.9 billion, a 4 percent year-over-year increase. Media revenues were stable at $6.2 billion, as higher international networks and domestic distribution revenues helped to offset a 5 percent fall in U.S. ad revenues. Revenues from Studios was also stable, at $3.1 billion, as a surge in theatrical helped to offset the 20 percent drop in content licensing revenues. Theme park revenues rose by 22.4 percent to $2.2 billion.