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Comcast swung to a profit in the third quarter even as the media giant navigated new challenges presented by two different Hollywood talent strikes.
The Philadelphia owner of NBCUniversal posted net income of $4 billion, or 98 cents per share in the third quarter, compared with a loss of $4.6 billion, or $1.05 cents per share, a year earlier. Earnings came to $1.08 when adjusted for one-time items. The year-earlier loss was spurred by impairment and goodwill charges tied to the company’s acquisition of Sky in 2018.
Revenue rose 0.9% to $30.1 billion, compared with $29.8 billion in the year-earlier period.
Comcast said that Peacock, the NBCU streaming hub, added 4 million subscribers, while losses narrowed to $565 million, compared with $614 million in the year-earlier period. Peacock revenue rose 64% to $830 million during the period, compared with $506 million in the year-earlier quarter.
Even so, the company faced challenges. Despite the release of “Oppenheimer,” a critical favorite, theatrical revenue fell 25% to $504 million due to comparisons with last year’s “Minions: The Rise of Gru” and “Jurassic World: Dominion.”
More to come…
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