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Comcast Climbs on Earnings Beat; Peacock Reaches 42 Million Signups

Comcast's first-quarter results beat analyst estimates as its theme parks segment reported a second straight break-even quarter.
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Shares of Comcast  (CMCSA) - Get Comcast Corporation Class A Common Stock Report were rising Thursday morning after the media company reported first-quarter results that topped estimates as its direct-to-consumer (DTC) streaming service hit 42 million signups. 

The company reported first quarter revenue of $27.2 billion with adjusted earnings of 76 cents per share. Analysts were expecting revenue of $26.7 billion with earnings of 59 cents per share. 

"We are off to a great start in 2021. Our entire company performed well across the board, highlighted by another strong performance from cable, which posted its third consecutive quarter of double-digit adjusted EBITDA growth," CEO Brian Roberts said. 

The company reported 42 million sign-ups to date for its Peacock DTC product as the streaming service benefitted from the additions of the WWE Network and The Office.

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The company's theme park segment, which has been hampered since the start of the COVID-19 pandemic last year, reported its second consecutive quarter of breaking even, excluding Universal Beijing Resort's pre-opening costs. 

Comcast shares were up 3.5% to $56 per share premarket.

The company's movie studios segment saw revenue decrease 0.6% to $2.4 billion in the quarter, reflecting a nearly 90% decrease in theatrical revenue year-over-year that was partially offset by higher content licensing revenue.  

"Outside of cable, I was also very pleased by the persistent recovery and increasing momentum at NBCUniversal and Sky," Roberts said. "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."

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