Comcast Swings to Profit in Q3 on Theme Parks, Wireless, While Peacock Losses Narrow
variety.comBrian Steinberg Senior TV Editor Comcast swung to a profit in the third quarter even as the media giant navigated new challenges presented by two different Hollywood talent strikes and shifts in demand for the connectivity services that are at the heart of the company’s financials.
The Philadelphia owner of NBCUniversal posted net income of $4 billion, or 98 cents per share in the third quarter, compared with a loss of $4.6 billion, or $1.05 cents per share, a year earlier.
Earnings came to $1.08 when adjusted for one-time items. The year-earlier loss was spurred by impairment and goodwill charges tied to the company’s acquisition of Sky in 2018.
Revenue rose 0.9% to $30.1 billion, compared with $29.8 billion in the year-earlier period. Comcast said that Peacock, the NBCU streaming hub, added 4 million subscribers, while losses narrowed to $565 million, compared with $614 million in the year-earlier period.
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