{"id":2008,"date":"2023-04-29T12:16:04","date_gmt":"2023-04-29T16:16:04","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/comcast-beats-estimates-on-broadband-theme-park-strength\/"},"modified":"2023-04-29T12:16:05","modified_gmt":"2023-04-29T16:16:05","slug":"comcast-beats-estimates-on-broadband-theme-park-strength","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=2008","title":{"rendered":"Comcast beats estimates on broadband, theme park strength"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Small toy figures with laptops and smartphones are seen in front of displayed Comcast logo, in this illustration taken December 5, 2021. REUTERS\/Dado Ruvic\/Illustration\/File Photo<\/span>
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By Helen Coster and Eva Mathews<\/p>\n

(Reuters) -Comcast Corp on Thursday said it beat quarterly profit forecasts on sustained demand for its broadband services and rising theme park attendance, giving the media giant a lift days after it fired NBCUniversal’s chief for sexual harassment.<\/p>\n

The company’s shares rose 4% as the report showed a smaller-than-expected 4.3% drop in total revenue to $29.69 billion in the first quarter. Analysts had estimated $29.30 billion, according to Refinitiv data.<\/p>\n

Comcast (NASDAQ:) said on Monday that NBCUniversal’s chief executive, Jeff Shell (LON:), had been fired for sexual harassment after an investigation found evidence that corroborated a female employee’s complaint.<\/p>\n

Shell, a two-decade Comcast veteran who took over the top role in 2020, oversaw businesses including the Universal film studio, Peacock streaming service and Universal’s theme parks.<\/p>\n

Comcast President Mike Cavanagh is now running NBCUniversal while also remaining president. When asked by an analyst Thursday if taking on leadership of NBCUniversal was a permanent solution, Cavanagh put no timetable on the move, adding: \u201cThink of me as being there for a while.\u201d<\/p>\n

In its first earnings under a new reporting structure that includes NBCUniversal in the content and experiences segment, the company reported a 9.5% fall in revenue in the unit to $10.26 billion in the first quarter.<\/p>\n

In the same quarter last year, the business had gained from the Olympics broadcast.<\/p>\n

Meanwhile, advertising revenue still remains pressured as elevated inflation levels continue to weigh on the market. Ad revenue in content and experiences fell 38.8%.<\/p>\n

Revenue at Peacock rose over 45% compared with a year earlier. Paid subscribers increased by about 2 million in the first quarter from the fourth quarter.<\/p>\n

However, adjusted losses from the ad-reliant platform widened to $704 million from $456 million a year earlier as Comcast continues to invest heavily in content.<\/p>\n

Theme parks revenue climbed nearly 25%, thanks to a rebound in attendance at its parks overseas and the lifting of COVID-19 curbs in China.<\/p>\n

Comcast’s connectivity and platforms revenue, which includes the cable business and most of its Sky unit, reported a marginal loss in revenue, partly due to sustained cord-cutting that was offset by strong demand from large enterprises.<\/p>\n

Comcast gained 5,000 broadband customers in the March quarter, while Factset had estimated a loss of 20,000 users.<\/p>\n

The company\u2019s chief financial officer said Thursday it will be difficult to gain broadband subscribers in 2023, especially among lower-income consumers, due to the competitive environment.<\/p>\n

Competition from wireless carriers such as T-Mobile US (NASDAQ:) Inc and Verizon Communications <\/span><\/span> Inc (NYSE:), which offer 5G home-internet service that users can choose instead of broadband connections, has pressured Comcast’s business.<\/p>\n

Overall, net income attributable to Comcast rose 8% to $3.83 billion in the quarter.<\/p>\n

Excluding items, the company earned 92 cents per share, above the average expectations of 82 cents.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Small toy figures with laptops and smartphones are seen in front of displayed Comcast logo, in this illustration taken December 5, 2021. REUTERS\/Dado Ruvic\/Illustration\/File Photo By Helen Coster and Eva Mathews (Reuters) -Comcast Corp on Thursday said it beat quarterly profit forecasts on sustained demand for its broadband services and rising […]<\/p>\n","protected":false},"author":1,"featured_media":2009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-2008","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nComcast beats estimates on broadband, theme park strength | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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