Comcast shares rise on results beat, fewer video and broadband sub losses

Comcast (NASDAQ:CMCSA) shares are in green before the bell on Thursday after the media and cable giant saw smaller-than-expected broadband and video subscriber losses along with a double beat for the second quarter.

CMCSA stock is up more than 5% in premarket trading on the Nasdaq.

In Q2, domestic broadband customer losses were 226,000, and domestic video customer losses were 325,000. The Bloomberg consensus estimates for sub losses were 257,000 and 383,000, respectively.

Studio revenue rose 8% from last year to $2.43B, driven by theatrical revenue, which got a boost from recent releases, including How to Train Your Dragon, and higher content licensing.

Peacock revenue rose 18% to $1.2B, which was below the estimate of $1.3B, while subscribers on the streaming platform were up 24% from last year at 41M, in line with estimates.

The successful opening of Epic Universe and the positive impact from foreign currency resulted in an 18.9% jump in revenue in the theme park business to $2.35B.

The total media segment saw a 1.8% rise in revenue in the quarter to $6.44B, due to higher international networks and domestic distribution revenue, partially offset by lower domestic advertising revenue.

Revenue from connectivity and platforms, which brings in the bulk of total revenue, was up 0.7% at $20.38B.

Net income for the three months ended June 30 was $11.04B, or $2.98 per share, compared to $3.84B, or $1.00 per share, for the same period last year.

On an adjusted per-share basis, the company earned $1.25, beating the average analyst estimate of $1.16 per share.

Revenue was up 2.1% to $30.31B and was ahead of the $29.80B estimate.