Key facts
- Comcast's Peacock streaming service reported its first quarterly profit of $189 million pre-tax.
- Peacock added 2 million paid subscribers in the April-June quarter, reaching a total of 48 million.
- Sales for Peacock increased by 54% to $1.90 billion.
- Comcast's studio revenue grew 25% to $3 billion.
- The company's broadband customers decreased by 167,000 in the second quarter.
- Total Comcast revenue was $29.94 billion, with adjusted profit at $1.04 per share.
Comcast's Peacock streaming service has reported its first-ever quarterly profit, driven by a surge in subscribers attracted by the FIFA World Cup and the reality show 'Love Island USA'. The service posted an $189 million pre-tax profit for the April-June quarter, a significant milestone for the platform launched in 2020.
Peacock added 2 million paid subscribers during the quarter, exceeding analyst expectations and bringing its total to 48 million. Sales for the service climbed 54% to $1.90 billion. This growth strategy, focusing on live sports like Telemundo's Spanish-language World Cup coverage, appears to be successful.
Comcast's studio revenue also saw a boost, increasing 25% to $3 billion, aided by a strong summer movie lineup including 'Obsession' and 'The Super Mario Galaxy Movie'. However, the company experienced a decline in broadband customers, losing 167,000 in the second quarter, and its theme parks unit saw adjusted earnings fall 5.1% with revenue slightly below estimates, partly due to geopolitical tensions affecting travel to Asia and a weak Chinese economy impacting attendance at its Beijing park.
Overall, Comcast reported total revenue of $29.94 billion and adjusted profit of $1.04 per share, both surpassing estimates.