On Wednesday, Comcast Corporation (NASDAQ:CMCSA) announced its third-quarter financial results, with revenue and profits beating estimates attributed to the Rio Olympics.
According to the statement, revenue of Comcast increased 14% to $21.3 billion in the third quarter of 2016, excluding the influence of 2016 Rio Olympics, revenue rose only 5.5%. Revenue surpassed analysts’ estimates of $21.2 billion. The company earned profits of $2.2 billion, which was up from $2 billion the same period last year. Earnings per share reached $0.92 per share, rising from last year’s results of $0.80 per share and beating estimates of $0.91 per share.
The strong results in earnings was mainly attributed to revenue growth at NBC Universal, which benefited from the 2016 Rio Olympics. Revenue at NBC Universal rose 28% to $9.2 billion in the latest quarter and not considering the push of the Games, revenue of NBC Universal was only up 5.7%.
In addition, the company said it added 32,000 video customers in the third quarter, compared with reducing 48,000 the same period last year.
The company’s broadband and business services divisions also contributed to the overall revenues in the third quarter. Revenue of broadband rose 8.8% to $3.4 billion, and revenue of business services increased 15.5% to $1.4 billion. 330,000 broadband customers were added in the last quarter, compared with adding 320,000 customers the same period last year.
Shares of Comcast was down 2.7% to $62.78 per share in midday trading Wednesday.
Comcast was working on enhancing its X1 internet-connected set-top box to keep pay-TV subscribers. Last month, customers began to get access to stream Netflix through X1 service, and according to the company, around 45% of its customers currently have X1 boxes.