12:40 PM EDT, 07/23/2024 (MT Newswires) -- Comcast's ( CMCSA ) second-quarter revenue decreased on a yearly basis and missed market estimates, weighed down by double-digit declines in studios and theme parks.

Adjusted earnings climbed 7% to $1.21 a share for the June quarter, surpassing the Capital IQ-polled consensus of $1.12. Revenue slipped to $29.69 billion from $30.51 billion the year before, trailing the Street's view for $30.04 billion. The stock fell 2.6% in Tuesday trade.

In the content and experiences segment, revenue declined 7.5% to $10.06 billion, driven by a 27% plunge in studios to $2.25 billion that was attributable to lower theatrical sales and content licensing revenue. Theme parks declined nearly 11% to $1.98 billion.

In 2022 and 2023, theme parks benefited from substantial rebounds post-pandemic, but visitation rates have now normalized amid other travel options, including cruises and international tourism, President Michael Cavanagh said during an earnings call, according to a Capital IQ transcript. The cable and media company still views theme parks as a "terrific long-term growth business," Cavanagh said.

Peacock contributed revenue of $1 billion to the media business, up from $820 million a year ago. Paid subscribers for the streaming service surged 38% annually to 33 million.

Connectivity and platforms revenue edged 0.6% lower to $20.25 billion, according to the company. Residential declined 1.4% to $17.82 billion, as gains in domestic broadband and wireless revenue were offset by a drop in video while advertising was flat. Business services connectivity revenue rose 5.7%.

Total connectivity and platforms customer relationships slid by 275,000 year over year on a net basis to 51.7 million, with the company losing 120,000 broadband customers and 419,000 domestic video customers. Wireless subscribers grew by 322,000.

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