Comcast Corp. (NASDAQ:CMCSA) reported upbeat first-quarter results Thursday, as strength in wireless and streaming helped offset continued declines in broadband and video subscribers.
The Philadelphia-based company posted revenue of $31.46 billion, beating the analyst consensus estimate of $30.43 billion and rising 5.3% from a year earlier. Adjusted earnings came in at 79 cents per share, topping estimates of 73 cents.
Comcast lost 65,000 broadband customers during the quarter, reflecting ongoing competitive pressure from telecom rivals. Video subscribers declined by 322,000 as consumers continued shifting to streaming platforms. However, total domestic wireless line net additions reached 435,000.
Media, Streaming and Theme Parks
The company’s media segment reported revenue growth of 60.8% year over year to $7.28 billion, driven by higher domestic advertising and distribution revenue. Advertising gains were supported by the Milan Cortina Olympics and the NFL’s Super Bowl.
Peacock revenue rose 71% year over year, surpassing $2 billion for the first time, while paid subscribers increased 12% to 46 million. Studio revenue climbed 21.2% to $3.43 billion, aided by higher content licensing revenue. Theatrical revenue declined …