Comcast Sees Q3 Profit Fall on Shortfalls at Theme Parks, Movie Studios
Severe declines in revenue at NBCUniversal’s theme parks and movie studios spurred a 37% decline in profit in the third quarter for cable-and-entertainment giant Comcast.
The Philadelphia owner of NBCUniversal, the Sky satellite business and the large Comcast cable distributorship said said third-quarter net profit fell 37% to $2.02 billion, compared with $3.22 billion a year earlier. Revenue in the period fell 4.8% to $25.5 billion, as NBCUniversal, dependent on advertising and consumers gathering at movie theaters and the company’s theme parks, grappled with the effects of the coronavirus pandemic.
Still, the results were better than what Wall Street had anticipated, with customer demand for the company’s so-called over-the-top products proving a bright spot during the period. The company said it had seen 22 million sign-ups for NBCU’s Peacock streaming-video service. And Comcast gained 633,000 broadband subscribers in the quarter.
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