Comcast Q2: Overall Revenues Up, Cable Dips But Broadband Strong

While Comcast saw a slight increase in overall revenue, its cable TV business took another major hit in video subscribers for the second quarter. But investors were not concerned.

Comcast's cable TV operations were down 140,000 versus a 45,000 decline in the second quarter a year ago. Comcast now totals 22.1 million cable subscribers. Revenue from its cable TV operations sank 1.9% to $5.6 billion.

In overall revenue Comcast was up 2.1% to $21.7 billion, with net income 26% higher to $3.2 billion -- the latter higher than analysts' estimates. Comcast’s broadband business remained a top performer in is cable communications group -- up 9.3% to $4.3 billion, also higher than expected.

All this pushed up Comcast stock in early Thursday morning trading, 3.6% to $34.70.  

Comcast's voice business declined 3.9% to $994 million.

In the second three months of 2018, NBCUniversal's revenue was flat at $8.3 billion. Its broadcast TV business was up 6.7% to $2.4 billion with a 9% hike in advertising revenue, mostly attributable to Telemundo’s World Cup programming. Broadcast TV also grew 17% in distribution revenue.

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Cable TV networks were up 8.2% to $2.9 billion, with advertising growing 3.6% and distribution revenue adding 9%.

On the losing end was NBCU’s filmed entertainment business, sinking 20% to $1.7 billion as a result of lower theatrical, home entertainment and content-licensing revenue. Theme parks grew 3.6% to $1.4 billion.

Comcast’s local cable TV advertising revenue was up 6.4% to $666 million.

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