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Comcast revenue tops estimates as Super Bowl, Olympics lift media business

The Comcast NBC brand is shown on a developing in Los Angeles, California, U.S. June 13, 2018. REUTERS/Mike Blake/File Picture/File Photograph

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April 28 (Reuters) – Comcast Corp’s (CMCSA.O) initially-quarter revenue defeat Wall Road expectations on Thursday, as the media giant benefited from its broadcasts of the Tremendous Bowl and Beijing Olympics, as well as a rebound in theme park attendance.

Total revenue rose 14% to $31.01 billion in the quarter, beating analysts’ average estimate of $30.53 billion, in accordance to Refinitiv facts.

Comcast, the premier U.S. cable operator, received 262,000 broadband buyers in the quarter, when compared with Factset estimates of 229,000.

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Broadband subscriber advancement slumped 43.1% from a yr back, the 3rd consecutive quarter of subscriber declines just after report advancement for the duration of the pandemic. The business has attributed the slowdown, in portion, to less people today transforming houses.

Revenue at Comcast’s NBCUniversal media device rose 36.3% to $6.87 billion, including $1.48 billion in revenue from broadcasting the Tremendous Bowl and Beijing Olympics.

NBCU marketing profits jumped 59.2%, benefiting from the sporting functions as properly as the progress of the Peacock streaming company.

Peacock additional 4 million compensated subscribers in the quarter, bringing whole paid out subscribers to 13 million. In a simply call with traders Thursday, Chief Government Officer Brian Roberts mentioned the enterprise does not anticipate looking at that variety of expansion each quarter.

NBCUniversal’s media division benefits provided $472 million of income and an adjusted earnings just before interest, tax, depreciation and amortization (EBITDA) decline of $456 million similar to Peacock, “like amounts attributable to the 2022 Beijing Olympics and the NFL’s Super Bowl,” when compared to $91 million of earnings and an adjusted EBITDA reduction of $277 million a 12 months earlier.

NBC’s Tremendous Bowl broadcast attracted an typical television viewers of about 101 million viewers, about 10% higher than the 2021 championship, according to Nielsen knowledge, with ad rates up 18% about ad fees for the 2021 match.

But the Winter Olympics in Beijing captivated the smallest primary-time audience since NBCUniversal started broadcasting the video games, amid a time period of transforming Television set-viewing behaviors.

Net revenue attributable to Comcast rose to $3.55 billion, or 78 cents for every share, from $3.33 billion, or 71 cents for each share, a calendar year before.

Comcast shares were being trading down 3.37% at $42.95.

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Reporting by Helen Coster in New York and Eva Mathews in Bengaluru Enhancing by Arun Koyyur, Bernadette Baum and David Evans

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