Comcast Tops Estimates - Peacock Streaming Passes 10M Signups

Comcast second-quarter results beat estimates. The Peacock streaming service passed 10 million signups in its first weeks.
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Comcast,  (CMCSA) - Get Report the media and internet giant, topped analysts' second-quarter expectations, helped by its Peacock streaming service, which topped 10 million signups in its first weeks. 

"Overall, based on our results and the many organic-growth opportunities that we have across our company, I am confident in our ability to continue to successfully navigate the impact of covid-19 and emerge from the crisis even stronger," Chief Executive Brian Roberts said in a statement. 

Comcast, Philadelphia, reported second-quarter adjusted net income of 69 cents a share, down from 78 cents in the year-earlier quarter.

Revenue fell to $23.72 billion from $26.86 billion a year earlier. Advertising and other revenue streams were hurt in the quarter due to the effects of the coronavirus pandemic and subsequent lockdown. 

Analysts were expecting the company to report earnings of 55 cents a share on revenue of $23.58 billion. 

Comcast shares at last check were trading little changed at $43.91.

Since it launched in April, Comcast's Peacock streaming service has seen 10 million signups.

Comcast's legacy cable networks segment saw revenue decrease 7.6% year over year to $5.4 billion. 

Comcast's studio segment revenue fell 18% to $1.2 billion due to lower theatrical revenue. Most theaters in the U.S. remain closed, but the company was able to offset some of those losses through higher content licensing revenue. 

Theme-park revenue dropped 94.1% to $87 million. Comcast's parks have remained shuttered for most of the pandemic. 

The company's Universal Orlando park reopened with reduced capacity in mid-June and has since been forced to lay off some workers due to the reduced numbers. 

For the first quarter, Comcast reported that theme-park revenue had fallen 32% year over year as the tail end of the period was caught up in the coronavirus pandemic. 

Editor's note: story has been updated to change 10 million "subscribers" to 10 million "signups."