Peacock Turns a Profit But Universal Theme Parks Struggle in Q2

Almost exactly six years after NBCUniversal first launched Peacock, the streaming service reported its first ever profitable quarter.

Comcast reported its Q2 earnings early Thursday, with EBTIDA of $189 million, and subscribers growing to 48 million, driven by the NBA playoffs, FIFA World Cup, and Love Island.

Overall, Comcast’s content and experiences businesses reported revenue of $10.7 billion, up 22.9 percent from a year ago, and adjusted EBITA of $1.3 billion, up 7.1 percent.

Media revenue was $5.7 billion, up 25 percent, with adjusted EBITDA of $708 million. The FIFA World Cup, for which Telemundo had Spanish-language rights, brought in an astonishing $440 million in incremental revenue in the quarter, but the company would have been up regardless.

Driven by the Super Mario Galaxy Movie and Obsession, studios revenue soared 25 percent to $3 billion, with adjusted EBITDA of $202 million.

That said, Comcast warned that its theme parks business is experiencing softness, even with revenue rising 2.7 percent to $2.4 billion. Adjusted EBITDA was down 5.1 percent to $609 million.

“While we are seeing some near-term softness in Theme Parks, we remain confident in the long-term opportunity, supported by our world-class brands, attractive locations and proven ability to create attractions and experiences that drive real consumer demand,” Brian Roberts and Mike Cavanagh said in a statement.

Comcast is in the process of splitting itself in two, separating its Comcast cable and connectivity business, which will be led by CEO Michael Angelakis and its entertainment and content business, which will be led by Cavanagh.

Comcast overall is in the midst of a transition, led by its connectivity business, which has seen softness in an extremely competitive environment. Comcast as a whole reported revenue of $29.9 billion, down 1.2%, and adjusted EBITDA of $8.9 billion, down 13%. Comcast’s connectivity business is executing on its “strategic pivot,” the executives said, with results expected by next quarter,