Philadelphia-based Comcast reported third-quarter adjusted earnings of $4 billion, or 87 cents a share, vs. adjusted earnings of $2.02 billion, or 75 cents a share in the comparable year-ago period. Analysts polled by FactSet had been expecting earnings of 75 cents a share.
Revenue came in at $30.3 billion, up from $29.87 billion a year ago and above analysts’ estimates of $29.9 billion. Adjusted earnings before income, taxes, depreciation and amortization increased 18.1% to $9 billion.
Broadband growth helped propel the earnings, with net new broadband subscriber sign-ups coming in at 300,000, Comcast said. NBC Universal revenue jumped nearly 60% to $10 billion on advertising growth related to the summer Olympic Games, though the results included losses at the company's Peacock streaming service.
The company's theme parks including Universal Orlando and the Universal Beijing resort, which opened Sept. 20, delivered their most profitable quarter since the first quarter of 2020, Comcast said.
Revenue for cable communications, meantime, increased 7.4% to $16.1 billion, driven by increases in broadband, wireless, business services, video and advertising revenue, though partially offset by a decrease in voice revenue, Comcast said.
The company does continue to lose subscribers as customers cut the cord on their cable packages. Comcast had 18.5 million video customers as of the end of the third quarter, down from 20.1 million a year ago.
At last check, shares of Comcast were up 2.69% at $51.03. Year to date the stock is up just over 1%.