Helen Coster and Eva Mathews

(Reuters) – Comcast Corp (NASDAQ) reported third quarter revenue that beat Wall Street’s expectations. This was despite a slower growth in subscribers following a surge in demand during the pandemic.

According to IBES data from Refinitiv, total revenue increased 18.7% to $30.3 million in the third quarter. This beat analysts’ average estimate at $29.87 billion.

Comcast had record broadband customer numbers at the start of the pandemic. People began to work and study from their homes. The third quarter saw total revenue rise due to broadband customer growth, which was higher than expected, but slower than the previous quarter last year.

While the number of broadband customers gained by the company was higher than the Factset estimate, which is 297,000, it still fell 52.6% over the same quarter last year. This company recorded a 7.4% growth in its total cable revenue, and 4.2% increase in overall cable customer relations, including voice, broadband and other services.

The revenue of Comcast’s NBCUniversal media company grew by nearly 48%. This was because viewers turned to the NBC network and its digital platforms including the Peacock streaming platform to see the Tokyo Olympics. According to Comcast, the Olympics generated approximately $1.76 trillion in revenue.

The theme park division of the company reported the most profitable quarter in its history, even though there were fewer international visitors to the U.S. parks. Domestic tourists spend more while they are visiting. In the third quarter of 2018, the revenue from the theme parks was $1.45 Billion, as compared with $385 M a year earlier, which saw the company’s stay-at home orders severely impact the business.

NBCU saw 73% growth in advertising revenue, with companies spending again after a year of reduced marketing budgets.

Comcast’s net income rose from $2.02 Billion, which was 44 cents per shares, to $4.04 Billion, or 86 Cents per Share, last year.