Comcast Beats Wall Street's Q2 Estimates as Theme Parks See First Profit Since Early 2020

NBCUniversal takes $363 million loss related to Peacock

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Comcast’s theme parks division turned a profit in Q2, marking its first profitable quarter since Q1 2020, the company revealed in its second-quarter 2021 earnings report Thursday.

Meanwhile, NBCUniversal took a $363 million loss related to streaming service Peacock, according to Comcast’s financial release. The company did not reveal an update on how many signups Peacock gained in the second quarter, with the most recently figure being 42 million at the end of Q1 of this year.

Wall Street forecast earnings per share (EPS) of 66 cents on $27.16 billion in revenue, according to a consensus compiled by Yahoo Finance. Comcast reported adjusted EPS of 84 cents on $28.546 in revenue.

“We delivered excellent results in the quarter, continuing our great start to the year,” Comcast chairman and CEO Brian L. Roberts said Thursday in a prepared statement accompanying the financial results. “At Cable, our performance was exceptional, highlighted by 11% revenue and 15% Adjusted EBITDA growth, the best broadband and total customer relationship net additions on record for a second quarter, and the most wireless net additions since the launch of Xfinity Mobile in 2017. At NBCUniversal, Adjusted EBITDA increased an impressive 13%, fueled by the recovery at Theme Parks, particularly at Universal Orlando. And I am pleased with and encouraged by our customer and financial metrics in the U.K., which drove Sky’s double-digit total revenue growth in the quarter. We remain committed to innovating for our customers and investing for a strong future. I have great confidence in our strategy and our ability to execute, which is reflected in our decision to restart our share repurchase program during the quarter, earlier than previously planned.”

Comcast stock closed Wednesday at $57.98 per share. The U.S. stock markets will reopen for their regular trading day at 9:30 a.m. ET.

Roberts and other Comcast executives will host a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.

More to come…

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