Comcast’s (CMCSA) earnings for the first quarter of 2021 exceeded expectations

Comcast on Thursday reported first quarter results that exceeded analyst estimates on its income statement.

In the pre-market, the shares rose by 2.7%.

Here are the key numbers:

  • Adjusted earnings per share: 76 cents compared to 58 cents expected in a refinitive survey of analysts
  • Revenue: $ 27.21 billion versus $ 26.7 billion in the Refinitiv survey
  • High-speed internet customers: In a FactSet survey, 461,000 versus 396,000 net additions are expected

The company’s streaming service, Peacock, hit 42 million signups in the US, up from 33 million in the fourth quarter. Comcast recognized the addition of the popular “The Office” series and its exclusive domestic streaming rights to the WWE network for the increase in signups. The company has not broken down the number of subscribers for the free plan or its paid versions.

“We’ve been very encouraging to Peacock so far,” the company said, adding to its earnings call that usage has doubled its forecasts.

With 380,000 customers and 33.5 million customers, the company also achieved the best result in the first quarter of all customer relationships. There were 461,000 high-speed Internet customers.

The company’s studio division has been hampered by the pandemic that restricted cinema operations and shut down some film productions.

Studio revenue declined 0.6% to $ 2.4 billion in the first quarter of 2021, primarily due to lower theater revenue. Theatrical sales decreased 87.7% due to the postponement of theatrical releases, theater closings and capacity constraints.

At the same time, content licensing revenue increased 14.1%, largely due to a new content licensing agreement available exclusively to Peacock.

Revenue at Comcast’s theme parks division, which was affected by closings and capacity reductions as a result of the pandemic, declined 33.1% to $ 619 million.

Comcast said the Europe-based Sky division continued to pull in customers while lockdowns in Europe increased again. 221,000 were added to reach 23.4 million. This was the best result of the first quarter in six years, while sales in the segment rose by 10.6%.

Here’s how Comcast’s businesses performed for the quarter year over year:

  • Cable communications revenue of $ 15.81 billion, up 5.9%
  • The media grossed $ 5.04 billion, up 3.2%
  • Theme parks accounted for $ 619 million, down 33.1%
  • The studios reported $ 2.4 billion, down 0.6%

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

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