Comcast Second-Quarter Results Mixed

Comcast (CMCSA) posted mixed results for its second quarter on Thursday with revenue falling short of analysts’ estimates as sales within the NBCUniversal business segment were impacted by a decline in filmed entertainment.

The Philadelphia-based provider of high-speed internet, video and phone lines, reported revenue of $26.86 billion in the three months ended June 30, up 24% from the corresponding quarter of the prior year, but just shy of the consensus estimate of analysts polled by Capital IQ for $27.08 billion.

The bulk of revenue came from the company’s Cable Communications unit at $14.45 billion, up 3.9% from a year earlier. This was attributed primarily to an increase in high-speed internet, where revenue rose by 9.4% to $4.66 billion, as well as business services and wireless revenue. It was also supported by the addition of 152,000 customer relationships to 30.9 million. Revenue from video unit declined by 0.6% to $5.59 billion.

Within the NBCUniversal business segment, revenue was worth $8.21 billion, down 0.8% from the corresponding quarter of the prior year. Feeding into this was a 15% decline in revenue from filmed entertainment, which was mainly due to lower theatrical revenues, according to the results.

Revenue from Sky, which was acquired by the company in the final quarter of 2018, was worth $4.83 billion, down from $4.99 billion a year earlier.

Adjusted earnings per share came in at $0.78, up 13% from the prior-year period, surpassing the Street’s forecast for $0.75 per share.

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