Comcast lost $ 520 million on Peacock
The Tokyo Olympics gave a boost to the surpluses and revenues of Comcast’s NBCUniversal media business, despite the huge losses suffered by its streaming service “Peacock”.
Losses of $ 363 million in the second quarter and $ 520 million in the next
Comcast on Thursday released its results for the third quarter of this year and said it lost a whopping $ 520 million in the quarter to Peacock, which is high from $ 233 million prior to this year.
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Peacock’s earned revenue was nearly $ 230 million, down from just $ 41 million earlier this year. Peacock had suffered a loss of $ 363 million on revenue of $ 122 million in the second quarter of this year.
Increase in income
NBCUniversal’s median earnings before interest, taxes, depreciation and amortization increased 1.2% to $ 997 million.
Revenue rose 47.9% to $ 6.77 billion. Media revenues rose 9.2 percent to $ 5.01 billion without taking into account the $ 1.8 billion earned from the Olympics.
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Advertising revenue increased 73 percent, a huge gratitude to the Olympics. Distribution revenues were increased by 36.2 percent. The return of its NBCUniversal theme parks online after it closed before this year due to the coronavirus pandemic has also seen an increase.
The theme parks posted a profit of $ 434 million before interest, taxes, depreciation and amortization, compared to the loss of $ 174 million last year.
So, to be precise, earnings before interest, taxes, depreciation and amortization of NBCUniversal increased 48.2% to $ 1.35 billion. Revenue increased 57.9% to $ 10 billion.
As reported by Comcast, third quarter net income is expected to roughly double from $ 2.02 billion last year to $ 4.04 billion or 44 cents per share to 86 cents per share . Revenue increased 18.7% to $ 30.3 billion.
Cable’s EBITDA increased 10.3% to $ 7.07 billion. Revenue increased 7.4% to $ 16.1 billion. Broadband revenues increased 11.6 percent to $ 5.8 billion, while video revenues increased 1.4 percent to $ 5.5 billion. Almost 408,000 video customers have been lost by the company.
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What did Comcast CEO Brian Roberts say?
Brian Roberts, CEO of Comcast, said, “Our results at NBCUniversal continue to be driven by the ongoing recovery in our national theme parks, as well as the success of our linear and streaming media platforms. At Sky, our UK business maintained its momentum, driving healthy growth in revenue, EBITDA and customer relationships. ”
“Going forward, I am excited about the opportunity to continue to invest in our global technology platform and other businesses while returning more capital to shareholders,” he added.
“This strategy is reflected in our most recent product launches – XClass TV in the United States and Sky Glass in Europe – as well as in the $ 2.7 billion we have returned to shareholders through a combination of buybacks from shares and dividend payments. “
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What has NBC Universal CEO Jeff Shell claimed?
Jeff Shell, CEO of NBC Universal, said: “Everything about Peacock is going in the right direction, and there is nothing from a trajectory perspective that is different from what it was last quarter.” He added, “All metrics are shown: our usage continues to be excellent, our mix of users. “