Comcast said it managed to boost profit during its fiscal first quarter even as it navigated a dip in media advertising and slowing growth among broadband subscribers, yet boosted U.S. subscribers to its Peacock streaming hub to 22 million.
The Philadelphia owner of NBCUniversal, Sky and its large broadband and cable business said profit came to $3.83 billion, or 91 cents per share, compared with $3.55 billion, or 78 cents per share in the year-earlier period. Comcast reported earnings per share of 92 cents after adjusting for one-time items
Revenue fell 4% to $29.69 billion, compared with $31.01 billion in the year-earlier period, thanks to comparisons with a quarter in 2022 that contained both the broadcast of the Super Bowl and the Beijing Olympics.
Comcast CEO Brian Roberts said the company “had solid revenue growth in our high-margin connectivity businesses, while increasing our Peacock subscribers more than 60% year-over-year.” Executives, he added, projected “great momentum across the company, including Studios where Super Mario Bros. has smashed global box office records to become one of the most successful movies of 2023.”
The company made no mention in its earnings report of issues at NBCUniversal, where former CEO Jeff Shell was ousted over the weekend after Comcast investigated allegations of an inappropriate relationship between Shell and a subordinate employee.
More to come…