Comcast Q1 Profit is Boosted by Cable Results

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Comcast said first-quarter profit rose due largely to increases in business at its cable and Sky operations, while its NBCUniversal business continued to recover from the results of the coronavirus pandemic.

The Philadelphia media giant said first quarter profit rose 55% to $3.33 billion, or 71 cents a share, compared with$2.1 billion, or $4.6 billion in the year-earlier period. Revenue rose 2.2% to $27.2 billion from $26.6 billion in the year-earlier period, largely on new broadband and wireless subscriptions at its large cable business and improvements at its European Sky unit. Overall, Comcast said it had added 461,000 new high-speed internet customers.

But the company also faced challenges. Revenue fell at NBCUniversal as the company’s theme-park business remained crimped by pandemic protocols and advertising declined. Comcast said its Peacock streaming-video hub had notched 42 million sign-ups in total, though it didn’t specify how many paid subscriptions had resulted.

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“Across all parts of the company, our teams are executing at a high level and collaborating to drive growth and innovation, and I couldn’t be more excited about our future,” said Brian Roberts. Comcast’s CEO, in a prepared statement.

More to come…

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