Jul 30, 2020 (Baystreet.ca via COMTEX) -- Comcast /zigman2/quotes/209472081/composite CMCSA -1.85% reported its second-quarter earnings before the bell on Thursday, beating analyst estimates on the top and bottom lines.
It's the first earnings report since Comcast's NBCUniversal launched its new ad-supported streaming service, Peacock, and the first to reflect the full extent of the pandemic on Comcast's business.
The company says Earnings per share came in at 69 cents, as opposed to analyst predictions of 55 cents. Revenue registered at $23.72 billion, outdistancing the expected $23.57 billion.
High-speed internet customers added a net 323,000, compared to the expected 247,000.
Despite the pandemic lockdowns that persisted through much of the second quarter in many parts of the world, Comcast reported some positive signs.
High-speed internet customers grew at a faster-than-expected rate, reaching a second quarter record in cable with more than 217,000 net customer relationship adds. Comcast also said it has retained 95% of Sky sports customers since the beginning of the pandemic, despite the postponement of major live sports events. As internet customers grew, Comcast saw total video customer net losses of 477,000.
Comcast has extended promotions it has offered customers to help get through the new conditions set by the crisis, including making its Internet Essentials free through year-end and keeping its out of home Xfinity Wi-Fi hot spots free through the end of the year.
The company said Peacock has already seen 10 million sign-ups since launching in April for Comcast subscribers and more broadly this month.
CMCSA shares ditched 3.5 cents to $43.86.
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