Comcast Corporation NASDAQ: CMCSA Beats Q1 Earnings Expectations

Comcast Corporation NASDAQ: CMCSA quarterly profit beat estimates on strong growth in Internet subscribers and cable. The company also posted strong performance at the box office, with hits including “Fifty Shades Darker.”

The company posted a first-quarter profit of $2.57 billion with a net income of $0.53 per share.

Comcast Corporation NASDAQ: CMCSA

Wall Street expectations had the company’s earnings at just $0.44 per share on the quarter. The company posted revenue of $20.46 billion, also beating estimates of $20.11 billion. The news sent the company’s shares soaring over 3% in early morning trade on Thursday.

The company’s earnings per share rose 23.3% year-over-year.

Comcast received a major boost in revenue from NBCUniversal’s film studio, theme parks, licensing and cable content. The unit experienced a 14.7% gain in revenue on the quarter, up to $7.9 billion in all divisions. The unit’s adjusted earnings came in at $2 billion, up 24.4%.

Comcast Corporation NASDAQ: CMCSA Benefiting from Film

 

The company’s film division was a major driver of growth, with adjusted earnings of $367 million and a 43.2% increase in revenue. The company’s major hits include “Split” and “Sing,” among several others.

NBC Universal’s cable network also outperformed, with a 7.6% increase in revenue to $2.6 billion. The adjusted earnings for the unit was up 16.8% to $1.1 billion. The company’s content licensing revenue was up 54%, helping to offset a 2.9% decline in advertising revenue.

Comcast CEO Brian Roberts said “2017 is off to the fastest start in five years.”

Theme parks also performed well, with revenue of $1.1 billion, a jump of 9%. Comcast’s cable revenue rose to $12.9 billion, marking an increase of 5.8% on the quarter. The division experienced 420,000 broadband subscriber additions and 42,000 new video subscribers. Adjusted earnings rose to $5.19 billion, up 6.3%.

Comcast also plans to move into the wireless industry later in the year, sparking rumors of the company possibly looking to buy a U.S. carrier.