Comcast Beats Estimates as Streaming Service Peacock Performs Strongly After Launch

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Media and internet giant Comcast topped analysts’ second-quarter expectations on Thursday. Earnings were boosted higher by its Peacock streaming service. Peacock launched to Comcast  (CMCSA) - Get Report subscribers in April, but only opened to the general public in mid-July.

“NBCUniversal successfully launched Peacock in Cable’s footprint in April, ahead of the streaming service’s U.S. nationwide launch earlier this month, with 10 million sign-ups to date,” said Comcast CEO Brian Roberts said in a statement.

Comcast is the parent company of NBCUniversal and Sky.

"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," Roberts said.

While the company’s internet subscribers grew at a faster-than-expected, NBCUniversal’s theme parks saw a steep 94% drop in revenue. Its theme parks have been closed since March due to the pandemic.

On Comcast’s earnings call, the CEO of NBCUniversal also warned film revenue losses would be felt in 2021, implying the economic impact of the coronavirus is yet to be seen for some branches of the company.

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