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Comcast misses quarterly revenue estimates on weak studio, theme park business

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Comcast missed estimates for quarterly revenue on Tuesday as the U.S. telecom and media firm had fewer movie releases during the period, while attendance at its theme parks stayed low.

FILE PHOTO: Small toy figures with laptops and smartphones are seen in front of displayed Comcast logo, in this illustration taken December 5, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

Revenue from its studio business fell 27 per cent and was a drag on its total revenue, which fell 2.7 per cent to $29.69 billion in the three months ended June. LSEG was estimating $30.02 billion. Comcast is leaning on Epic Universe - a collection of immersive worlds such as Super Nintendo World and How to Tran Your Dragon-Isle of Berk - to bolster its parks business but the launch has been pushed back to 2025 from this year.

Comcast said it had not yet seen the full impact of the end of the Affordable Connectivity Program, which offered internet subsidies to eligible households in the U.S.

 

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