Comcast shares climb as second-quarter results top forecasts

Investing.com -- Shares in Comcast climbed around 3% in premarket trading Thursday after the media and telecom giant reported second-quarter earnings that topped Wall Street estimates, driven by improving broadband trends and record wireless growth.

Comcast posted second-quarter earnings per share of $1.04, beating the analyst estimate of $0.96. Revenue came in at $29.94 billion, down 1.2% year-over-year, but above the $29.25 billion consensus.

The company generated consolidated adjusted EBITDA of $8.9 billion and free cash flow of $4.6 billion.

Domestic residential broadband customer net losses improved by 34,000 year-over-year, while domestic wireless customer line net additions reached 448,000, the company’s best quarterly result on record. Total wireless lines rose to 10.2 million, with penetration at 7% of total addressable wireless lines in Comcast’s footprint.

Business Services Connectivity revenue rose 3.7% to $2.7 billion, with EBITDA up 5.0% to $1.5 billion and an EBITDA margin of 56.7%.

Peacock achieved quarterly profitability for the first time, Comcast said, with EBITDA of $189 million, up $290 million year-over-year, as paid subscribers rose by 2 million net additions to 48 million, driven by the NBA Playoffs, the FIFA World Cup and Love Island USA.

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