Comcast managed to boost first quarter profit despite dips in advertising and broadband, with U.S. subscribers to Peacock rising to 22 million.
Comcast said it managed to boost profit during its fiscal first quarter even as it navigated a dip in media advertising and slowing growth among broadband subscribers, yet boosted U.S. subscribers to its Peacock streaming hub to 22 million.
The Philadelphia owner of NBCUniversal, Sky and its large broadband and cable business said profit came to $3.83 billion, or 91 cents per share, compared with $3.55 billion, or 78 cents per share in the year-earlier period. Comcast reported earnings per share of 92 cents after adjusting for one-time items
Revenue fell 4% to $29.69 billion, compared with $31.01 billion in the year-earlier period, thanks to comparisons with a quarter in 2022 that contained both the broadcast of the Super Bowl and the Beijing Olympics.
Comcast CEO Brian Roberts said the company “had solid revenue growth in our high-margin connectivity businesses, while increasing our Peacock subscribers more than 60% year-over-year.
