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Sky owner Comcast beats revenue forecasts on broadband and streaming boost

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Jurassic Park 25th Anniversary Celebration at Universal Studios Hollywood - Day 1
A hit to Comcast's NBC Universal, which includes film assets such as Jurassic Park, was offset by higher broadband demand

Comcast today posted better-than-expected revenue for the fourth quarter, as higher demand for broadband services offset a pandemic-induced hit to theme park and film takings.

The US media giant posted revenue of $27.7bn (£20.3bn) in the final three months of the year, down 2.4 per cent year on year but ahead of analysts’ forecasts.

Comcast gained 538,000 broadband subscribers over the quarter, also ahead of previous expectations.

The group’s Peacock streaming service, which launched in July, grew to 33m users.

This resilient performance helped offset continued decline in the company’s NBC Universal division, which includes its film, TV and theme park assets.

Revenue from filmed entertainment dropped 8.3 per cent due to delayed film releases and closed cinemas, while theme park revenue plunged 63 per cent.

Overall, revenue at NBC Universal dropped 18 per cent to $7.5bn compared to last year.

Revenue at Sky, which Comcast bought for $39bn in 2018, increased 3.3 per cent to $5.2bn as it returned to customer growth.