NBCU Third-Quarter Earnings Rise, But Peacock Loss Hits $614M – The Srdtf News

NBCU Third-Quarter Earnings Rise, But Peacock Loss Hits $614M – The Hollywood Reporter

Peacock, the streaming service of Comcast’s entertainment unit NBCUniversal, grew its third-quarter revenue strongly, but its loss widened again, while NBCU increased its earnings for the latest period by more than 20 percent.

Studios revenue and earnings jumped, helped by the likes of Minions: The Rise of Gru.

Comcast also said that it recorded “noncash impairment charges related to goodwill and intangible assets in our Sky segment totaling $8.6 billion.” It said the impairments “primarily reflected an increased discount rate and reduced estimated future cash flows as a result of macroeconomic conditions in Sky’s territories.”

Peacock had ended the first quarter with more than 13 million paid subs and 28 million monthly active accounts in the U.S. Paid subs “stayed relatively flat at 13 million” as of the end of the second quarter. And NBCU CEO Jeff Shell told CNBC in early October, just after the end of the third quarter, that paid Peacock subscribers had since then risen to 15 million. The company confirmed that on Thursday, mentioning that Peacock paid subscribers in the U.S. “surpassed 15 million.”

Comcast in its third-quarter financial report on Thursday posted NBCU earnings before interest, taxes, depreciation and amortization (EBITDA) that jumped 24.6 percent to $1.68 billion, even though revenue fell 4.3 percent to $9.57 billion. NBCU’s media unit results included $506 million of revenue and an adjusted EBITDA loss of $614 million related to Peacock. That compared to $230 million of revenue and an adjusted EBITDA loss of $520 million related to the streamer in the prior-year period.

Comcast on Thursday also disclosed latest results at its core cable systems. Broadband users grew by 14,000 amid growth challenges across the cable industry; in the year-ago period, they had grown by 300,000. Third-quarter total video customer net losses continued after a drop of 408,000 in the third quarter of 2021. 

At NBCU’s Studios unit, third-quarter results were helped by such theatrical releases as Minions: The Rise of Gru, Nope, Beast and continued business from second-quarter release Jurassic World Dominion.

Thursday’s earnings report is the first since Comcast recently promoted chief financial officer Mike Cavanagh to the added role of president.

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