Comcast (NASDAQ:CMCSA) reported quarterly revenue that surpassed Wall Street estimates, fueled by robust performance in its streaming and theme parks businesses. The company’s strategic focus on content, streaming, and theme park experiences helped offset losses in broadband subscribers.
In the fourth quarter, Comcast reported a revenue growth of 2.3%, reaching $31.25 billion, outperforming analysts’ expectations of $30.51 billion. The positive financial results contributed to a more than 4% increase in Comcast’s shares.
During an investor call, CEO Brian Roberts addressed speculation about potential media asset acquisitions, stating, “While there may be speculation of what we could do next, I’d like you to hear it directly from me. I love the company we have. So the bar continues to be even higher for us to do anything other than the plan you heard today.”
Comcast faced challenges in its broadband segment, losing 34,000 subscribers in the quarter. However, this figure was fewer than the expected loss of 61,000 customers, reflecting the company’s resilience in a competitive broadband marketplace.
The Peacock streaming service, a significant focus for Comcast, demonstrated remarkable growth, with revenue rising by 56.5% to surpass $1 billion in the fourth quarter, reaching $1.03 billion. Peacock’s paid subscribers increased by 3 million in the quarter, totaling 31 million. The service achieved a milestone by exceeding the billion-dollar revenue mark in Q4, showcasing its success in leveraging sports content.
The exclusive streaming of an NFL playoff game on Peacock marked a historic moment, with the Kansas City Chiefs vs. Miami Dolphins game averaging 23 million viewers, becoming the most-streamed event in U.S. history.
Comcast’s content and experiences segment, which includes NBCUniversal, reported a 5.7% revenue increase to $11.5 billion. Universal Pictures, driven by hits like “Oppenheimer,” “Super Mario Bros. Movie,” and “Fast X,” claimed the top spot at the worldwide box office for 2023, a first since 2015 that Walt Disney (NYSE:DIS) was not the leader.
The theme parks business also contributed to Comcast’s positive performance, with a 12.2% rise in revenue to $2.37 billion. The success was attributed to attendance at the Super Nintendo World in Japan and Hollywood.
Comcast responded to its strong performance by raising its dividend by $0.08, reaching $1.24 per share on an annualized basis for 2024. Despite challenges in broadband subscriptions, the company’s diversified portfolio and strategic focus on streaming and theme park experiences have positioned it for continued success.
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Author Faith Yakubu 
