: Comcast beats on earnings, sees revenue decline

Comcast Corp. CMCSA posted declining revenue for the first quarter amid tough comparisons to its year-earlier programming calendar, though the media and cable giant beat expectations on the top and bottom lines. The company logged first-quarter net income of $3.8 billion, or 91 cents a share, compared with net income of $3.5 billion, or 78 cents a share, in the year-prior period. On an adjusted basis, Comcast earned 92 cents a share, up from 86 cents a share a year before, while analysts were modeling 82 cents a share. Revenue declined to $29.7 billion from $31.0 billion, a decline that Comcast said reflected “an unfavorable comparison to the prior year period, which included our broadcasts of the Beijing Olympics and the NFL’s Super Bowl.” Analysts were modeling $29.3 billion in revenue. The company reported net additions of 5,000 domestic broadband customers, compared with 264,000 in the year-earlier period. Comcast posted 355,000 net additions in its domestic wireless business, compared with adds of 318,000 in the year-prior quarter. Peacock streaming revenue was up 45% from a year before, while paid subscribers for Peacock were 22 million.

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