Comcast impresses with strong revenue growth thanks to successful movie hits and Olympic advertising revenues.

Comcast exceeded revenue expectations in the third quarter, thanks to a robust movie business, increased advertising sales during the 2024 Olympic Games in Paris, and a smaller decline in broadband subscribers than anticipated. In light of these positive developments, the company's shares rose 4.2 percent in pre-market trading. Comcast's media business achieved a record revenue of $1.9 billion from the Paris Olympics, primarily driven by an increase in brand advertising expenditures. The company's studio was particularly successful with blockbusters such as "Despicable Me 4" and "Twisters," both ranking among the top ten highest-grossing films of the year in the U.S. and Canada. With a 12.3 percent revenue increase to $2.83 billion, the studio surpassed analysts' expectations. However, Comcast experienced a 5.3 percent decline in its theme park segment, as customer spending increasingly shifted toward international travel and cruises. To stimulate the theme park business, the company plans to open the Universal Epic Universe in Florida on May 22, aiming to attract visitors and boost their willingness to spend despite the strong competition in the Orlando market. In the internet and cable business, Comcast lost 87,000 broadband customers in the September quarter, significantly less than the expected loss of 143,200. This was attributed to the expiration of the "Affordable Connectivity Program" (ACP), a government-subsidized program providing internet access to low-income households in the U.S. Without the ACP's influence, the broadband sector still managed a net gain of 9,000. Total revenue amounted to $32.07 billion, surpassing estimates. Meanwhile, the streaming service Peacock increased its paying subscribers by 3 million, reaching a total of 36 million users. At the same time, Comcast recorded a loss of 365,000 video subscribers, which was better than projected.