Comcast Q2 Earnings: Theatrical Revenue Rises 65% on Super Mario Bros. Release, Peacock Adds Just 2 Million Subs

Comcast reported its second-quarter 2023 earnings Thursday, revealing theatrical revenue rose 65.9% year over year with the release of “The Super Mario Bros. Movie,” while Peacock added just 2 million more subscribers over the three month period.

At the end of Q1, Comcast said the NBCUniversal streamer had reached 22 million U.S. subscribers. As of the quarter ended June 30, the company says the platform has now hit 24 million subs.

Elsewhere, revenue at Universal’s theme parks jumped 22% to $2.21 billion in Q2.

Wall Street forecast earnings per share (EPS) of 97 cents on $30.13 billion in revenue, according to analyst consensus data provided by Refinitiv. Comcast reported adjusted EPS of $1.13 on $30.5 billion in revenue, representing a 11.9% for adjusted EPS and 1.7% increase year over year for revenue.

“The consistent investments we’ve been making in our growth businesses continue to generate strong results and position us extremely well both now and into the future,” Comcast CEO Brian Roberts said in a letter to shareholders. “Second quarter operational and financial performance was excellent and included a double-digit increase in Adjusted EPS and significant free cash flow generation. This quarter contained a number of highlights and notable achievements. We not only continued to deliver solid revenue growth in our connectivity businesses but also expanded our Adjusted EBITDA margin at Connectivity & Platforms. We generated the best quarterly Adjusted EBITDA ever at Theme Parks, had the second-highest grossing animated film of all time in worldwide box office revenue with Super Mario Bros., and nearly doubled paid Peacock subscribers year-over-year. At the same time, we returned a healthy amount of capital to shareholders and maintained an enviable balance sheet. Our experienced and expert management team is executing at an exceptional level, and our long-term-oriented growth strategy is clearly working.”

Comcast stock closed Wednesday at $42.91 per share. The regular U.S. stock markets will reopen at 9:30 a.m. ET.

Roberts and other Comcast executives will host a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.

More to come…

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