Comcast earnings beat Street estimates on revenue boost from NBC Olympics and Super Bowl coverage

Sara Salinas
CNBC

Comcast on Wednesday beat Wall Street estimates for first-quarter earnings, nudged past revenue predictions by strong numbers from its NBCUniversal business.

Here's how the company did compared with what analysts expected:

  • Earnings: 62 cents per share vs. 59 cents per share forecast by Thomson Reuters

  • Revenue: $22.791 billion vs. $22.744 billion forecast by Thomson Reuters

  • Net increase of 379,000 high-speed internet customers vs. 367,000 forecast by FactSet consensus estimates

Comcast has been shifting focus to its high-speed internet and filmmaking businesses as cord-cutting weighs on its legacy cable business.

The 379,000 high-speed internet customers added in the first quarter is 8.3 percent higher than the previous quarter , but 11.7 percent lower than the first quarter of 2017.

It was the NBCUniversal segment, though, that posted the strongest growth in the first quarter.

NBCUniversal, owner of film studios, theme parks, as well as NBC News and CNBC, brought in $9.53 billion, bolstered by coverage of the 2018 Winter Olympics and the Super Bowl.

That represents a 21 percent year-over-year upside and far outpaces expected revenue for the division.

"The Olympics were an incredible event that showcased our capabilities and collaboration throughout the company," CEO Brian Roberts said in a statement. "NBCUniversal's amazing presentation was the most comprehensive in Winter Games history with over 2,400 hours of coverage across broadcast, cable networks, and digital."

Meanwhile, Comcast continues to diversify. The company earlier Wednesday formalized its $31 billion bid for British broadcaster Sky , and earlier this month announced it's getting into health care .

Shares of Comcast fell 2 percent in premarket trading.


What to read next