Media producer and distributor Comcast Corporation (NASDAQ:CMCSA) this morning posted slightly better-than-expected third quarter earnings results, as the company saw positive growth across all its business segments.
The Philadelphia-based company reported Q3 EPS of $0.92, narrowly beating Wall Street’s $0.91 estimate. Revenue rose 14.2% from last year to $21.32 billion, also edging out analysts’ view of $21.15 billion.
The 2016 Rio Olympics, which was broadcast exclusively by Comcast-owned NBC, added $1.6 billion in revenue during the latest period, with $1.2 billion of that total stemming from ad revenue.
As for the company’s individual business units, Cable Communications revenue rose 6.9% to $12.6 billion, while total subscribers rose by 216,000 to 28.3 million in Q3. A year ago, Comcast saw a much smaller 60,000 gain in subscribers.
NBCUniversal revenue surged 28.3% to $9.2 billion in the latest period, and Cable Networks revenue increased 22.0% to $2.9 billion. Theme Parks revenue rose 60.6% to $1.4 billion.
CEO Brian L. Roberts commented via press release:
“I’m pleased to report that our businesses generated double-digit revenue and operating cash flow growth for the third quarter of 2016. Cable delivered solid operating cash flow growth coupled with great customer metrics, and has now added 170,000 video subscribers over the past twelve months. The Rio Olympics were the most profitable and successful games in our history, and demonstrated our ability to deliver an unparalleled entertainment experience through NBCUniversal together with Comcast Cable and the X1 platform. NBCUniversal reported operating cash flow growth of over 30%, benefitting from the Olympics, continued growth at our Theme Parks, and the theatrical success of The Secret Life of Pets this quarter. I’m proud of our consistent execution and excited about the opportunities ahead for Comcast NBCUniversal.”
Comcast shares rose $0.48 (+0.74%) to $65.00 in premarket trading Wednesday. Prior to today’s report, CMCSA had gained 14.34% year-to-date.