Comcast Corporation, the American telecommunications conglomerate, has reported its third-quarter earnings for 2023. The company's revenue surpassed Wall Street estimates, primarily driven by the growth of its broadband business and the addition of new subscribers to its streaming service, Peacock.
According to the financial results, Comcast's total revenue for the third quarter rose to $30.1 billion, up from $27.2 billion in the same period last year. The company's broadband business played a significant role in this increase, with the addition of 300,000 net new broadband customers.
In addition to the broadband business, Comcast's streaming service, Peacock, also contributed to the company's growth. Despite facing stiff competition in the crowded streaming market, Peacock added 7 million new subscribers in the third quarter, bringing its total subscriber count to 54 million. However, it's worth noting that Peacock reported an operating loss of $565 million for the quarter.
Comcast's cable communications revenue increased by 3.3% to $16 billion, while its NBCUniversal segment, which includes Peacock, saw its revenue rise by 12.7% to $8.1 billion. The company's Sky segment also reported a 14.7% increase in revenue to $5.2 billion.