2023-04-27 11:55:00 ET
There's more to Comcast (NASDAQ: CMCSA) than its flagship cable TV business these days. The country's leading provider of broadband connectivity and cable television posted better-than-expected financial results on Thursday morning, despite continuing to shed customers for its TV business. It has surrendered 12% of its domestic video customers over the past year and is down 15% over the past two years.
Revenue declined for the quarter on flat growth in adjusted earnings. There were still a few signs of life. Comcast has been able to offset some of the sting of its media networks and cable TV segments with a 60% surge in paid accounts for its Peacock streaming service. Then we get to Comcast's theme parks segment, where it posted blowout results that should be encouraging for shareholders in Walt Disney (NYSE: DIS) and SeaWorld Entertainment (NYSE: SEAS) as they wait for their quarterly financial updates.
Unlike Comcast's flagship broadband connectivity, which is flat -- or its cable TV platform, which is doing worse -- the theme parks business that it operates through its global Universal Studios brand is booming. Revenue surged 25% to $1.949 billion for Comcast's gated attractions.
For further details see:
What's Good for Comcast's Theme Parks Is Good for Disney and SeaWorld, Too