Comcast Posts Mixed Earnings Report as Peacock Losses Narrow

Comcast (CMCSA) shares fell Tuesday pursuing nan merchandise of a mixed second-quarter net report, arsenic gross narrowly missed and adjusted profit hit analysts' estimates.

Comcast's revenue came successful astatine $29.69 billion, down from past year's people of $30.51 cardinal and narrowly missing analysts' estimates compiled by Visible Alpha of $29.99 billion. Revenue decreased year-over-year among a number of Comcast's segments for illustration its movie studios and taxable parks.

The institution besides missed projections for net income, reporting $3.93 cardinal compared pinch nan $4.09 cardinal analysts had expected. However, net income aft adjusting for one-time costs for illustration investments and plus amortization of $4.74 cardinal came successful supra nan $4.4 cardinal estimate.

The company's Peacock streaming work was a agleam spot successful nan quarter's earnings, arsenic Comcast reported $1 cardinal successful revenue, up 28% from a twelvemonth ago, connected accrued subscriber numbers, pinch an adjusted net earlier interest, taxes, depreciation, and amortization (EBITDA) nonaccomplishment of $348 million, down from a $651 cardinal nonaccomplishment past year.

"Peacock is making advancement pinch different 4th of subscriber adds arsenic it continues to amended its costs structure," Third Bridge expert Jamie Lumley wrote successful a Tuesday note. "However, astatine 33 cardinal subscribers it is still good disconnected nan gait of nan competition; Netflix added 39 cardinal successful nan past twelvemonth alone."

Looking Ahead To Summer Olympics

Comcast noted nan imaginable boost that nan upcoming Summer Olympics successful Paris will person connected its gross crossed its NBC tv networks and Peacock.

"Starting this Friday our institution will beryllium leveraging our astir precocious exertion and expertise successful storytelling to supply millions of households successful nan U.S. pinch nan finest, astir expansive tv and streaming sum successful media history for an Olympics aliases possibly immoderate televised event," Comcast Chief Executive Officer (CEO) Brian Roberts said.

Comcast shares were down 5.5% to $37.35 arsenic of 11:30 a.m. ET Tuesday and are down astir 15% truthful acold this year.