Comcast Corporation (NASDAQ: CMCSA), the largest broadcasting and largest cable television company in the world by revenue, reported its second quarter results on Wednesday. Its consolidated revenue increased 2.8% to $19.27 billion from $18.74 billion in the second quarter of 2015, beating consensus estimate of $18.99 billion. Compared to the second quarter of 2015, its earnings per share decreased 1.2% to $0.83, versus an expected EPS $0.81.
Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, “I am pleased to report excellent results as our momentum continues across our businesses. Our Cable subscriber and financial performance during the quarter was outstanding.”
Cable Communication, Comcast’s major revenue business, delivered a 6.0% year-on-year growth in the second quarter, driven primarily by increases in high-speed internet, business services, and video revenue.
Its customer relationship including video, high-speed internet, and voice customers increased by 115,000 to 28.1 million in the second quarter, reflecting increases in double and triple product customer relationship. Video customer net losses of 4,000 were the best result for a second quarter in over 10 years and high-speed internet customer net additions of 220,000 were the best result for a second quarter in 8 years, according to the reports.
Revenue from NBCUniversal dropped 1.8% to $7.1 billion in the second quarter of 2016. The Theme Parks reported a significant year-on-year growth, 46.96%, due to a higher per capita spending at the parks and the successful opening of Hollywood’s The Wizarding World of Harry Potter attraction. Conversely, Filmed Entertainment revenue declined 40.4% in the second quarter of 2016, reflecting lower theatrical and home entertainment revenue, partially offset by higher content licensing and other revenue.
Comcast’s NASDAQ listed stock increased about 1.10% at the close of trading on Wednesday.