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Comcast Corp. notched a sizable profit beat in the third quarter as it continued to rack up new wireless customers but shed subscribers in its video business.
The company disclosed Thursday that it logged a net loss of $4.05 billion, or 98 cents a share, whereas it lost $4.60 billion, or $1.05 a share, in the year-prior period. On an adjusted basis, Comcast
CMCSA,
earned $1.08 a share, up from 96 cents a share a year before and ahead of the FactSet consensus, which was for 95 cents a share.
Revenue increased to $30.12 billion from $29.85 billion, whereas analysts were modeling $29.69 billion.
Shares were down 0.6% in premarket trading Thursday.
The company generated $20.27 billion in revenue from its connectivity and platforms business, up from $20.05 billion a year before. The FactSet consensus was for $20.07 billion for this unit, which houses the company’s cable business.
Comcast had 32.29 million total domestic broadband customers in the third quarter, with a net loss of 18,000. Domestic wireless lines for Comcast came in at 6.28 million after the company added a net of 294,000 lines.
The company shed a net of 490,000 video customers to bring its count of total domestic video customers to 14.50 billion.
Content and experiences revenue ticked up marginally to $10.56 billion from $10.48 billion, while analysts were looking for $10.76 billion. The company flagged a 17% increase in revenue from theme parts, driven largely from international parks that had been weighed down by pandemic-related restrictions in the year-earlier period.
Comcast racked up 4 million net additions of Peacock streaming subscribers in the third quarter, with revenue for the service up 64%.
