Comcast reports Q3 results with Peacock profit and broadband declines

Comcast reported third-quarter revenue of $29.3 billion, a 6.1% decrease compared to the previous year, while net income rose 3.5% to approximately $3.45 billion. The results reflect a divergence between the company’s media segments and its core connectivity businesses.

NBCUniversal’s streaming service, Peacock, achieved its second consecutive quarterly profit of $261 million, a significant swing from a $217 million loss in the prior year period. Peacock revenue grew 34% to $1.3 billion, supported by higher advertising and distribution, while total subscribers remained steady at 48 million. The company’s content and experiences segment, which includes NBCUniversal and theme parks, saw revenue grow 6.5% to $10.54 billion, bolstered by World Cup advertising and film box office performance.

Conversely, Comcast’s connectivity and platforms business faced headwinds. Revenue in this segment fell 2.6% to $19.7 billion, as the company lost 144,000 residential broadband customers and 274,000 video customers. These declines in the broadband and video sectors weighed on the overall corporate revenue despite the growth in media and entertainment.