Comcast Beats Earnings on Peacock Growth — SkimNews
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- Comcast reported $29.3 billion in revenue for Q3, beating analyst expectations of $29.28 billion and posting adjusted EPS of $1.07 versus a projected 98 cents
- Peacock generated $261 million in adjusted EBITDA on $1.8 billion in revenue during the quarter, marking its second consecutive profitable period since launch
- NBCUniversal's media division saw revenue rise 13% year over year to $5.4 billion, fueled by Peacock's record viewership during the FIFA World Cup aired on Telemundo and Peacock
- Comcast's connectivity sector lost 144,000 residential broadband customers and 274,000 cable customers in the quarter, with overall connectivity revenue down 2.7% year over year
- Comcast announced in January 2025 a strategic shift to prioritize its mobile business amid slowing broadband growth and rising competition from Verizon and T-Mobile, a move reflected in 368,000 new mobile customers added in Q3
- Comcast confirmed its planned spinoff of NBCUniversal and Sky from its cable and wireless units, a separation expected to take about a year after the January 2025 completion of its spinoff of cable networks into Versant
Why it matters: Comcast’s media segment is now offsetting structural declines in connectivity, with Peacock’s profitability and World Cup-driven viewership proving the value of live sports in streaming. The $261 million EBITDA from Peacock signals a shift in revenue power within the company, making the upcoming spinoff decision more consequential for investors.
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