Comcast
stock was rising Thursday after the cable and media company reported earnings and revenue above Wall Street estimates following the successful release of The Super Mario Bros. Movie and an increase in streaming revenue.
Comcast
(ticker: CMCSA) reported second-quarter adjusted earnings of $1.13 a share on revenue of $30.5 billion. Analysts surveyed by FactSet were expecting the company to report earnings of 98 cents a share on revenue of $30.1 billion.
“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 [the company’s streaming service] year over year,” Chief Executive Brian Roberts said in the earnings release.
Adjusted second-quarter Ebitda, or earnings before interest, taxes, depreciation, and amortization, was $10.2 billion, a 4.2% increase from the same period last year. Studios adjusted Ebitda Increased to $255 Million in the second quarter, driven by the release of The Super Mario Bros. Movie, a major jump after last year’s loss of 3 million.
Peacock saw revenue increase by 85% from the prior year to $820 million as paid subscribers nearly doubled. This jump came as domestic broadband customers declined by 19,000 to 32.3 million.
“Products are improving, pricing is up, and wireless sub adds are stable,” Oppenheimer analyst Timothy Horan wrote in a research note Thursday. He rates the stock as Outperform with a target of $48 for the price.
Shares of
Comcast
were 6% higher at $45.58 in afternoon trading. That put them on pace for their highest close since April, according to Dow Jones Market Data. The stock has gained 30% this year.
Write to Angela Palumbo at [email protected]
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