Comcast’s total broadband customers were flat from last quarter, a first for the company.
The telecommunications conglomerate beat earnings expectations ($1.01 per share adjusted versus $0.92 expected) and revenue expectations ($30.02bn versus $29.68 expected), amounting to a 5.1% year-over-year increase in revenue.
Theme parks and studio revenue led growth in the second quarter, helped by Jurassic World Dominion‘s box office success.
Peacock paid subscribers stayed relatively flat at 13 million, but monthly users dipped.
Revenue for Sky decreased 13.8% to $4.5bn in Q2, parent company Comcast reported in its earnings.
Excluding the impact of currency, revenue dipped 3.5% year-over-year.
However, Sky adjusted Ebitda increased 54.1% to $863m thanks in part to a 39.1% decrease in capital expenditure; on a constant currency basis adjusted Ebitda rose 70.7%,
Comcast attributed the decrease to lower direct-to-consumer revenue (-2.4%), content revenue (-16.4%), and advertising revenue (-3.1%), much of which was driven by a change in sports programming licensing in Germany and Italy.
Total customer relationships decreased by 255,000 to 22.7 million in Q2, amounting to a total H1 loss of 361,000.
In H1, Sky revenue decreased 9.2% compared to H1 2021.
Comcast’s stock slid over 9% in pre-market trading on the disappointing earnings.
