Comcast cable business, theme park recovery drives quarterly revenue -Breaking
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© Reuters. FILEPHOTO: This Illustration taken December 5, 2021 shows small toys with smartphones and laptops in front of the Comcast logo. REUTERS/Dado Ruvic/Illustration/File Photo GLOBAL BUSINESS WEEK AHEADEva Mathews and Helen Coster
(Reuters) – Comcast Corp’s fourth quarter revenue beat Wall Street estimates on Thursday. This was due to growth in its NBCUniversal Division, which saw more people return to the parks. According to IBES data at Refinitiv, total revenue rose 9.5%, to $30.34 Billion. This beat analysts’ average estimate, which was $29.61 billion. The largest contributor to Comcast’s overall revenue is its cable business. Cable revenue increased 4.5% to $16.41 million. It increased its total cable customer relations, which includes broadband, voice and other services by 3.3%, to 34.2 Million accounts.
The company gained only 212,000 broadband customers during the quarter. That’s a 60.6% drop from last year when it saw demand from people working from home and seeking entertainment from their homes. Comcast’s NBCUniversal media division saw a 25% increase in revenues due to a rebound in its theme parks division. Due to heavy domestic attendance, revenue from the park division increased 191.3% over the last quarter.
Because of domestic tourism, the division’s fourth quarter was one of the most profitable in NBCUniversal history.
Revenue from the theme parks reached $1.89 Billion during the quarter, up from $648 M a year earlier, after stay-at home orders had crippled their business.
Peacock’s streaming service, which was reported by the company at the close of 2017, had 24.5million monthly active U.S. account at the conclusion of the year. This is an increase of more than the 20 million accounts that were available at the beginning of July. Comcast refers to this metric as how many households viewed Peacock content in a given month.
Comcast’s net income fell to $3.06 Billion, or 66 Cents per Share, in the fourth quarter from $3.38Billion or 73 Cents per Share a year ago.
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