Comcast Corp (NASDAQ:CMCSA) stock tanked Thursday after it reported its first-quarter results.
The Philadelphia-based company reported a quarterly decline of 0.6% year-over-year to $29.89 billion, beating the analyst consensus estimate of $29.76 billion.
Also Read: Disney Cuts Prices And Adds Perks To Lure Families Back To Orlando Parks
The company reported adjusted EPS of $1.09, beating analyst consensus estimates of 98 cents. Its media segment posted revenue growth of 1.1% Y/Y to $6.44 billion.
Peacock’s paid subscribers increased by over 20% Y/Y to 41 million, while revenue grew by 16% year over year to $1.2 billion.
Studios’ revenue increased by 3.0% Y/Y to $2.83 billion due to higher content licensing and digital sales of Wicked.
Theme Parks revenue decreased by 5.2% Y/Y to $1.88 billion due to lower revenue at its domestic theme parks, driven by lower guest attendance including the impact of the Hollywood wildfires.
Connectivity & Platforms adjusted EBITDA grew 1.5% Y/Y to $8.3 billion, with a margin expansion of 90 bps to 41.4%.
Comcast said it generated $5.42 billion in free cash flow during the quarter.
Comcast lost 199,000 broadband customers in the period amid rivalry with telecom companies.
AT&T Inc’s (NYSE:T) Consumer Wireline segment had 261 thousand AT&T Fiber net adds during the quarter.
Verizon Communications Inc (NYSE:VZ) had 339 thousand broadband net additions during the quarter.
Comcast also lost 427,500 video subscribers as streaming giants like Netflix Inc (NASDAQ:NFLX) gained traction.
Total domestic wireless line net additions reached 323 thousand.
What’s Next: Comcast CEO Brian L. Roberts expressed excitement about Epic Universe’s grand opening in Orlando in May and its plans to bring a new world-class theme park to the UK.
Price Action: At the last check on Thursday, Comcast stock was down 3.54% at $33.25 premarket.
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