Comcast’s Q3 revenue rises 11% due to Minions, Jurassic World, Internet service – USA TODAY
Comcast Corp., the cable giant that owns NBCUniversal, said Tuesday its third quarter net income fell 23% to $1.99 billion due to higher tax expenses but all major business lines reported revenue gains.
Company-wide revenue rose 11.2% to $18.7 billion, driven particularly by the film unit that had two popular movies — Minions and Jurassic World — in theaters during the quarter.
Earnings per share, after adjusting for some charges, totaled 80 cents, matching analystsâ consensus estimate that was compiled by Zacks Investment Research.
Shares of the Philadelphia-based company were up 0.34% in pre-market trading Tuesday to $62.39.
Revenue for its largest business unit — Cable Communications — increased 6.3% to $11.7 billion as more customers signed up for Internet and the company raised prices forÂ its services.
The cable unit’s “customer relationships” rose byÂ 156,000 to 27.4 million in the third quarter. But with customers continuing to ditch pay-TV for streaming options, its video customer baseÂ fell by 48,000. But about 320,000 moreÂ Internet customers signed up. Voice customers grew by 17,000.
NBCUniversal, which operates the companyâs film and TV businesses, said its revenue increased 20.8% to $7.2 billion in the third quarter.
Revenue for the cable networks business, which includes Bravo and USA Network, rose 7% to $2.4 billion. Distribution revenue rose 8.6% and advertising sales were 2% higher partly due toÂ the launch of NASCAR on its sports network, NBCSN, the company said.
NBCUniversal’sÂ broadcast TV segment, which mostly includes NBC, reported an 11.3% gain in revenue to $2 billion. Content licensing revenue climbed 33.5%. Ad sales rose 2.8%.
The film businessÂ revenue was up 64% to $1.9 billion due to âthe record performancesâ of Minions and Jurassic World, as well as continuing sales of Furious 7 into the third quarter, NBCUniversal said.
The Harry Potter ride at Universal Studios continues to be a significant revenue generator. The theme parks revenue increased 14.1% to $896 million as guest attendance and per-visitor spending rose. NBCUniversal cited the enduring popularity of Orlando’s The Wizarding World of Harry Potter, Diagon Alley, as well as Fast and Furious: Supercharged at the Hollywood park.