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Comcast Edges Wall Street Q1 Estimates; Peacock Reaches 34M Subscribers As Its Losses Continue To Narrow And Revenue Tops $1B
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deadline.comComcast reported first quarter results that outpaced Wall Street expectations, with Peacock reaching 34 million subscribers but posting higher programming costs.
Total revenue inched up 1% to $30.1 billion, with adjusted earnings per share coming in at $1.04, up from 92 cents in the year-ago period.
The Media division, which includes Peacock, reported a nearly 4% gain in revenue, to $6.4 billion. But higher operating expenses, notably higher programming expenses at Peacock, contributed to wider losses.
Adjusted EBITDA, a key measure of profitability, fell 6% to $827 million. Peacock brought in $1.1 billion of revenue, up 54% from a year ago, with losses narrowing to $639 million from $704 million a year ago.
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