Comcast Corp (NASDAQ: CMCSA) reported a third-quarter revenue decline of 6.5% year-over-year to $32.07 billion, beating the analyst consensus estimate of $31.64 billion.
The company reported adjusted EPS of $1.12, beating analyst consensus estimates of $1.06. The stock price gained after the earnings report.
Summer Olympics in Paris proved instrumental in driving higher NBCUniversal revenue and Peacock subscribers.
The media segment posted revenue growth of 36.5% year over year to $8.23 billion. Revenue excluding the Olympics grew only 4.9% to $6.33 billion.
Peacock's paid subscribers increased 29% year over year to 36 million, and revenue grew by 82% year over year to $1.5 billion.
Studios' revenue increased by 12.3% year over year to $2.83 billion due to higher content licensing and theatrical revenue, including Despicable Me 4 and Twisters.
Theme Parks revenue decreased by 5.3% Y/Y to $2.29 billion due to lower revenue at its domestic theme parks, driven by lower guest attendance.
Connectivity & Platforms adjusted EBITDA remained flat year over year at $8.3 billion, with a margin expansion of 30 bps to 40.9%.
Comcast said it generated $3.4 billion in free cash flow during the quarter.
Comcast lost 87,000 broadband customers in the period amid rivalry with telecom companies. Comcast also lost 365,000 video subscribers as streaming giants like Netflix Inc NFLX gain traction.
Total domestic wireless line net additions were 319,000.
On the conference call, Comcast said it is exploring making a new company comprising of cable networks.
CMCSA Price Action: At the last check on Thursday, Comcast stock was up 6.53% at $45.01 premarket.