Coverage of the Paris Olympics spurred a 36.5% year-over-year gain in media revenue, propelling NBCUniversal parent Comcast‘s performance in the third quarter.
The company reported total revenue of $32.1 billion and earnings per share of $1.12, beating Wall Street analysts’ consensus forecast. Shares in Comcast, which are not known for dramatic movement, jumped 4% in pre-market trading on the earnings news.
Flagship streaming service Peacock added 3 million subscribers to reach 36 million. Revenue jumped 82% to $1.5 billion and adjusted EBITDA losses narrowed to $436 million from $565 million in the year-ago period.
Even excluding the $1.9 billion in incremental revenue from the Olympics, revenue in the Media division still increased 4.9%.
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On the pay-TV side, Comcast shed 365,000 video customers to finish the quarter with 12.8 million. Charter recently surpassed Comcast as the No. 1 U.S.
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