Multimedia giant Comcast Corporation gained 6.1% in revenues to $15.2B, and could have done even better had it not been for a sunken “Battleship” from its movie studio. The results came in better than predicted.
Chairman/CEO Brian L. Roberts said, “Our solid operating and financial results for the second quarter underscore the strength of our cable company and our focus on driving operational excellence and technology innovations. We are improving the customer experience and delivering exceptional products, which are the foundation for cable’s continued momentum in High-Speed Internet and Business Services and stronger Video and Voice customer results. “
Discussing NBCUniveral in particular, Roberts continued, “NBCUniversal’s second quarter performance came in as anticipated, and we continue to be very positive about our opportunities to build value across all the NBCUniversal businesses. Comcast Cable and NBCUniversal are also working well together to launch innovative products and experiences – and these efforts are being showcased now as we utilize all of our content and technology platforms to deliver the most comprehensive Olympics coverage ever.”
Cable revenue was up 6% to $9.9B due to increased demand for high speed internet and an increase in average revenue per video customer.
Broadcast television went against the election year flow and posted a 9.1% loss, but it was due to lower licensing revenue based on an agreement signed in Q1 last year.
The disappointing theatrical release of “Battleship” contributed to lackluster results from the company’s film unit.
Wells Fargo analyst Marci Ryvicker said the company’s top line figure was a bit better than her company had been predicting, with better-than-anticipated results on the cable side and less-than-anticipated results on the broadcast side.
Summing up, she said, “Great quarter all around with particular strength in core cable and the NBC broadcast network. We expect the stock to trade up today.”