Comcast delivered third-quarter quarter earnings that topped Wall Street expectations even as the cable arm posted a loss of 134,000 residential video subscribers and NBCUniversal faced tough year-over-year comps due to the 2016 summer Olympics.
Comcast reported earnings of 55 cents per share, up 19.6% from the year-ago quarter. Analysts had been expecting around 49 cents per share. Total revenue dropped 1.6% to $20.98 billion while adjusted earnings were up 5% to $7.18 billion.
Despite the high hurdle from year-over-year comparisons, Comcast cited strong performances from the theme park wing, the theatrical release of “Despicable Me III” and content licensing gains across film and TV for powering NBCUniversal’s quarter.
On the cable side, a net gain of 214,000 high-speed Internet customers helped drive a 5.1% gain in revenue to $13.2 billion. But the residential video loss of 134,000 continues the trend of MVPD losses this quarter — a swing from this time last year when Comcast and other large providers posted modest gains in video subs.
Comcast chairman-CEO Brian Roberts noted that the company’s earnings held up despite the impact that the summer hurricane season had on cable and theme park operations.