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Comcast shares dropped Thursday, as its continued decline in broadband and cable users offset stronger-than-expected quarterly earnings and a jump in Peacock subscribers.
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Comcast said it lost 199,000 U.S. broadband subscribers from a year ago, as well as 427,000 video customers, as more cable TV consumers left.
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Peacock subscribers rose over 20% to 41 million subscribers.
Comcast (CMCSA) shares dropped over 5% in recent trading, as its continued decline in broadband and cable users offset stronger-than-expected quarterly earnings and a jump in Peacock subscribers.
The media company posted first-quarter adjusted earnings per share (EPS) of $1.09 on revenue of $29.89 billion, compared to adjusted EPS of $1.04 on revenue of $30.06 billion a year ago. Analysts polled by Visible Alpha had projected $0.99 and $29.8 billion, respectively.
Comcast said it lost 199,000 U.S. broadband subscribers from a year earlier, as well as 427,000 video customers, as more cable TV consumers left. The Los Angeles fires earlier in the year also weighed on attendance at its theme parks, with revenue down 5.2%.
“Theme Parks remain on an incredible growth trajectory,” Comcast CEO Brian L. Roberts said, however, adding that the company is opening its Epic Universe theme park in Orlando next month and plans to build one in the U.K.
Comcast’s Peacock streaming service and mobile service business, Xfinity Mobile, added customers. Peacock subscribers rose over 20% to 41 million subscribers, while Comcast said it added 323,000 domestic wireless lines from a year ago.
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