Comcast Corp. shares gained as much as 8% Thursday after reporting profit that topped analysts’ estimates in the second quarter, even as internet and TV subscribers vanished.
The Philadelphia-based owner of Xfinity broadband and cable services, the NBCUniversal media empire and Sky TV, reported earnings excluding some costs of $1.13 a share, a 12% increase from a year earlier and well above the 97 cents analysts predicted. Revenue rose 1.7% to $30.5 billion, exceeding analysts’ average prediction of $30.1 billion. The shares jumped the most in three months to $46.35, the highest since April 2022.
Results at the media and telecom conglomerate showed a disparity in trajectories among the various units as CEO Brian Roberts and President Mike Cavanagh revamp the media business after key executive departures, while cord-cutting and wireless competition has eroded Comcast’s traditional customer base.