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Comcast Q2 Boosted by World Cup, Profits at Peacock
Comcast's second-quarter results were lifted by World Cup coverage on its Telemundo network and by its Peacock streaming service, which turned a profit for the first time since launching in 2020. Despite these gains, the media and broadband giant reported a decline in overall profit compared with the same period last year, largely because the prior-year figures had been boosted by a one-off gain from selling its stake in Hulu to Disney. The company continues to face structural pressure in its core cable and broadband business, even as its content and streaming arms perform strongly.
Comcast posted net income of $3.5 billion (99 cents per share), down from $11.1 billion ($2.98 per share) a year earlier, when it booked a $9.4 billion gain from the Hulu sale; adjusted earnings came to $1.04 per share on revenue of $29.9 billion, down 1.2% year-on-year. Peacock reached 48 million paid subscribers, up two million in the quarter, while World Cup telecasts added an extra $440 million in revenue, helping NBCU revenue climb 22.9% to $10.7 billion and US advertising rise 55% (23.5% excluding World Cup effects). By contrast, cable and broadband revenue fell 3.2%, with the company losing 230,000 subscribers to leave it with 47.7 million, though wireless subscriptions grew.
In short
- Peacock posts its first-ever quarterly profit, reaching 48 million subscribers
- World Cup coverage added $440 million in revenue for Comcast
- Overall profit fell year-on-year due to last year's Hulu sale gain
- Cable and broadband still losing subscribers, down 230,000 to 47.7 million
Explained simply
Comcast is one of America's largest media and broadband companies, providing cable television, broadband and phone services to millions of households, whilst also owning entertainment assets including the NBC television network and Peacock streaming service. The company's quarterly results are closely watched because they indicate the health of the traditional cable and broadband business, which faces mounting pressure as consumers migrate to streaming and alternative broadband providers.
Comcast's second-quarter results were boosted by two developments: Peacock turned profitable for the first time since its 2020 launch, and the company's Telemundo network gained from World Cup broadcasts. However, these gains were offset by ongoing decline in the core cable and broadband division, which continued to lose subscribers.
The company's reported profits fell sharply year-on-year, but this largely stems from a one-off £7 billion gain from selling its Hulu stake to Disney a year earlier. This accounting effect means the decline does not reflect underlying business weakness.
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