Shares of Comcast (CMCSA) - Get 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.
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."