Comcast reported that its earnings increased by 12% to $0.84 per share, and its revenues grew by 11% to $18.74 billion in the second quarter.
The company’s earnings were in line with the $0.84 per share and its revenues were better than the $18.14 billion expected by Wall Street analysts based on data compiled by Thomson Reuters.
During the quarter, Comcast achieved an 8% increase in operating cash flow to $6.26 billion. Its free cash flow rose 30% to $1.5 billion.
The financial results of Comcast were driven by the strong performance of its entertainment business, which releases successful box-office films including Jurassic World, Furious 7, and Pitch Perfect 2.
Comcast CEO said NBCUniversal delivered an exceptional quarter
In a statement, Comcast Chairman and CEO Brian Roberts said, “Our second quarter results, including 11.3% revenue growth and 8.0% operating cash flow growth, demonstrate the strength and momentum we are seeing across our businesses.
“NBCUniversal had an exceptional quarter, led by the record-breaking box office performances of Jurassic World and Furious 7 and continued strong momentum in our theme parks,” added Roberts.
Furthermore, Roberts said the performance of the cable, high-speed internet and business services of Comcast continued to be “extremely well” during the quarter.
Comcast recorded the best second quarter video customer results in nine years.
Roberts said, “ Our focus on accelerating the deployment of our transformative X1 platform, as well as efforts to improve customer service, are clearly making a difference, with lower churn across all product categories.”
Comcast business segments
During the quarter, the Cable Communications business of Comcast generated $11.7 billion in revenue, up by 6%. Its revenue was boosted by a 10% increase in high-speed internet, a 20.4% increase in business services, and 3.7% increase in video. According to the company, its customer relationships expanded by 31,000 to 27.3 million.
NBCUniversal posted a 20.2% increase in revenue to $7.2 billion driven by strong results at Filmed Entertainment and Theme Parks. The segment’s revenues in Filmed Entertainment rose 92.7% to $2.3 billion, and Theme Parks rose 25.7% to $773 million.
The revenue of its Cable Networks business declined 1% to $2.5 billion. The segment’s content licensing, and advertising revenues dropped by 26.3% and 3%, respectively during the period.