Comcast revenue grows 20% to $28.55 bn in second quarter

Comcast reported revenue of $28.55 billion (+20.4 percent) and $2.98 billion (+25 percent) during the second quarter of 2021.
Comcast investmentComcast added 354,000 high-speed internet customers in Q2.

Comcast said net adds for high-speed internet customers were its highest ever for a second quarter performance. The company also had its best second quarter for total customer relationships, adding 294,000.

The company said NBCUniversal’s streaming service, Peacock, has 54 million sign-ups as of this week and more than 20 million monthly active accounts. Comcast, which doesn’t split out free and paid users, reported 42 million sign-ups across the U.S. in the first quarter of this year.

Revenue performance of Comcast’s divisions

Cable communications $16 billion (+10.9 percent)

Media $5.1 billion (+25.7 percent)

Theme parks $1.1 billion (+$958 million)

Studios $2.2 billion (+8.4 percent)

NBC Chief Jeff Shell said on the company’s call with investors that the direct-to-consumer service is still at the beginning of content roll out. He believes Peacock can achieve sufficient scale without changing course, meaning any mergers and acquisitions likely aren’t necessary.

Revenue from its Europe-based Sky division was up 14.9 percent, but customer relationships fell by 248,000 to 23.2 million. The company attributed the decline to cancellations following the end of soccer season.

Comcast said Capital Expenditures (Capex) increased 3.3 percent to $2.1 billion in the second quarter of 2021. Cable Communications’ capital expenditures increased 16.8 percent to $1.7 billion. NBCUniversal’s capital expenditures decreased 52.0 percent to $182 million. Sky’s capital expenditures decreased 14.4 percent to $184 million.

Comcast said capital expenditures increased 1.2 percent to $4.0 billion for the six months ended June 30, 2021 compared to 2020. Cable Communications’ capital expenditures increased 12.7 percent to $3.1 billion. NBCUniversal’s capital expenditures decreased 53.2 percent to $354 million. Sky’s Capex rose 10.4 percent to $455 million.