Cord cutters continue
Comcast HQ gave out mixed signals from its vast array of businesses this week.
The company’s revenue surged to more than $30 billion, surpassing expectations, as theme parks and streaming helped soften the blow from the company’s wireless and connectivity business — which lost 18,000 broadband and 490,000 video subscribers, respectively.
A bit of everything
Modern day Comcast is the very definition of a sprawling empire, with interests spanning communications, TV, movies, distribution, theme parks and more.
Its flagship streaming service, Peacock, welcomed 4 million new subscribers, partly due to the appearance of The Super Mario Bros. Movie on the platform, pushing Peacock's revenue up by 64% and narrowing the division’s losses, while the company’s Universal theme parks had a record-breaking quarter.
But, the company’s studio had a comparatively lean year, with revenues in its moviemaking division falling 24% year-over-year, despite the solo success of Oppenheimer. However, the real problem for Comcast is simply that its biggest divisions are the ones struggling, with subscriber losses at the closely-watched broadband division more than enough to outweigh any positives, as investors dumped the company’s shares — which fell more than 8% yesterday.
