Comcast Corp. topped earnings and revenue expectations Thursday after showing some recovery in its parks business as well as continued growth in the cable segment.
The company posted second-quarter net income of $3.74 billion, or 80 cents a share, up from $2.99 billion, or 65 cents a share, a year earlier. On an adjusted basis, Comcast
earned 84 cents a share, up from 69 cents a year prior. The FactSet consensus was for 66 cents a share.
Comcast’s revenue for the quarter rose to $28.55 billion from $23.72 billion, whereas analysts tracked by FactSet had been predicting $27.16 billion.
Shares were up 2.2% in premarket trading Thursday.
Revenue for the cable segment increased to $16.00 billion from $14.43 billion, driven by increases in broadband and wireless revenue. Analysts were looking for $15.71 billion in revenue for the business. Total customer relationships grew by 294,000 to 33.8 million in the period.
Comcast’s NBC Universal business saw revenue climb to $7.96 billion from $5.72 billion as the parks segment rebounded with particularly notable performance at Universal Orlando. Media revenue was also up, and the company noted that it saw advertising revenue increase 32.8% due to a higher number of sporting events relative to a year earlier, as well as better pricing. That momentum was partly offset by ratings declines, Comcast continued.
Revenue for the Sky payTV unit was up to $5.22 billion from $4.08 billion, gains that Comcast said reflected better direct-to-consumer, advertising, and content revenue trends.
Shares of Comcast are up 2.8% over the past three months as the S&P 500
has risen 5.2%.