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FINWIRES

Comcast Tops Quarterly Views Amid Boost From Milan Cortina Olympics, Super Bowl LX

-- Comcast (CMCSA) reported higher-than-expected first-quarter results as the media and connectivity giant benefited from the Milan Cortina Winter Olympics and Super Bowl LX.

Revenue rose 5.3% to $31.46 billion, above the FactSet-polled consensus of $30.41 billion. Adjusted earnings fell to $0.79 per share from $1.09 a year earlier, compared with the Street's $0.72 view.

On a pro-forma basis to reflect the separation of Versant, which was completed in January, revenue increased nearly 11%.

The content and experiences division's revenue soared 40% to $11.94 billion, driven by a $2.2 billion boost from the Milan Cortina Olympics and Super Bowl LX included in the media segment. Media revenue climbed 61%, while studios and theme parks rose more than 20% each.

"Legendary February showcased the strength of our media portfolio, leveraging the unmatched reach of the Milan Cortina Winter Olympics and the Super Bowl to drive record advertising and strong Peacock growth," co-Chief Executives Brian Roberts and Mike Cavanagh said in a statement.

The Seattle Seahawks defeated the New England Patriots in Super Bowl LX on Feb. 8. Peacock is a streaming service from Comcast's NBCUniversal.

Comcast's shares were up 7.7% in recent Thursday trading. The stock is up nearly 13% so far this year.

Revenue from the connectivity and platforms unit decreased 1%, driven by weakness in the residential component.

Domestic wireless lines increased by 435,000, compared with the Street's forecast of 361,600 net additions. The gain accelerated from 323,000 that Comcast reported a year earlier. Domestic broadband customers fell by 65,000 in the first quarter, better than the 183,000 decline a year earlier.

"Broadband subscriber losses improved by more than 100,000 year-over-year, and we delivered record wireless line additions," Roberts and Cavanagh said.

AT&T (T) reported better-than-expected first-quarter results on Wednesday, while the telecommunications giant reiterated its full-year earnings outlook.

Price: $31.73, Change: $+2.36, Percent Change: +8.02%

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