July 23 (Reuters) - Comcast ( CMCSA ) missed estimates
for quarterly revenue on Tuesday as the U.S. telecom and media
firm had fewer movie releases during the period, while
attendance at its theme parks stayed low.
With most of its big movies such as the fourth installment
in the hit animated franchise "Despicable Me" and the disaster
movie "Twisters" released in July, Comcast ( CMCSA ) had little to offer
in the April-June quarter to match the success of last year's
"The Super Mario Bros. Movie" and "Fast X."
Revenue from its studio business fell 27% and was a drag on
its total revenue, which fell 2.7% to $29.69 billion in the
three months ended June. LSEG was estimating $30.02 billion.
Its theme park business posted a 10.6% fall in revenue as a
post-pandemic surge in visitors eased.
Comcast ( CMCSA ) is leaning on Epic Universe - a collection of
immersive worlds such as Super Nintendo World and How to Tran
Your Dragon-Isle of Berk - to bolster its parks business but the
launch has been pushed back to 2025 from this year.
However, its broadband business was a bright spot, as it
weathered stiff competition in the sector. It lost
fewer-than-expected customers in the quarter with a drop of
120,000, compared with estimates for a loss of 143,000
customers, according to FactSet.
Comcast ( CMCSA ) said it had not yet seen the full impact of the
end of the Affordable Connectivity Program, which offered
internet subsidies to eligible households in the U.S.
The company's plan to focus on direct-to-consumer growth
while managing linear TV declines and investing in businesses
less impacted by cord-cutting also showed some progress.
Its Peacock streaming service posted a 27.5% rise in revenue
to $1.05 billion, driven by a 38% rise in paid subscribers to a
total of 33 million.
(Reporting by Harshita Mary Varghese; Editing by Anil D'Silva)