(CTN News) – As part of the earnings report that was released on Thursday, Comcast announced higher revenue than expected for the third quarter, supported by strong performances in streaming and theme parks, but the company also reported a surprise loss in broadband subscribers.
According to LSEG data, the company’s third-quarter revenue grew by 0.9% to $30.12 billion, beating analysts’ estimates of $29.68 billion, which had been forecast by the company.
As a result of the increased competition that Comcast now faces from wireless carriers such as Verizon and T-Mobile, which offer broadband service, the company lost 18,000 broadband customers in the quarter. It was estimated that FactSet would gain 3,600 customers as a result of this change.
According to Comcast’s third set of results under its new reporting structure, which includes NBCUniversal in its content and experiences segment, Comcast’s revenues in this unit increased by .8% to $10.56 billion in the third quarter as a result of a new reporting structure.
Compared to the same quarter last year, advertising revenue in content and experiences fell by 8.4% from the same quarter the previous year.
In the first quarter of this year, Peacock’s streaming service saw revenues rise by 64% compared to the same period a year ago. It was reported that the number of paid subscribers increased by 4 million in the third quarter, from 24 million in the second quarter, to 28 million in the third quarter.
Several factors have contributed to the growth of Peacock, including Comcast subscribers who were getting Peacock for free but converted to paid subscriptions as a result of that.
The adjusted losses at Peacock narrowed in the third quarter, to $565 million, as a result of a price increase partly contributed to the decrease.
As a result of pent-up demand caused by the COVID-19 pandemic, which forced parks to close due to the outbreak, theme park revenues increased 17.2% in 2017.
Despite the box office success of Oppenheimer, the studios revenue dropped by 23.6% in the quarter compared to the same quarter a year ago, which included the hits “Jurassic World: Dominion” and “Minions: The Rise of Gru.”.