Comcast lit up Wall Street Thursday with a second-quarter earnings surprise that sent its shares up nearly 5% in premarket trading. Fueled by the debut of its high-stakes “Epic Universe” theme park in Florida, strong wireless growth, and a steady stream of Peacock revenue, the company outpaced analyst forecasts on both revenue and profit. The May launch of “Epic Universe” marked one of Comcast’s most ambitious plays yet and it’s already paying off.
Theme Park Magic Isn’t Just for Kids Anymore
Theme parks used to be summer getaway spots. Now they’re investment assets with billion-dollar payoffs.
Comcast’s Central Florida “Epic Universe” drew swarms of visitors despite being open for just about a month in the reporting quarter. That was enough to lift Universal theme park revenue by nearly 19%, to $2.35 billion.
The company has poured roughly $7 billion into the new attraction a bet that seems smarter by the day. Analysts say it’s now one of six core areas driving long-term growth for Comcast. And it’s already turning into a key revenue machine in the short term.
There’s also a growing overlap between content and experience. Comcast is increasingly tying its studio content to theme park attractions and it’s working.
Peacock Stays Steady as Others Stumble
Streaming is a bloodbath for some companies, but Comcast seems to be finding its rhythm with Peacock.
Revenue from the streaming platform climbed 18% year-over-year, reaching $1.23 billion. That jump reflects July 2024’s price increases but keeping 41 million paid subscribers steady is the real win. Competitors have bled users after price hikes. Peacock didn’t.
One reason? Sticky content. Reality TV hit “Love Island USA” remains a reliable draw, and the platform has leaned into addictive unscripted formats that keep subscribers returning nightly.
Losses in the streaming division narrowed sharply to $101 million down from $348 million a year ago. In the volatile world of streaming, that’s a serious turnaround.
Wireless Business Picks Up the Slack
With broadband under pressure, Comcast’s wireless business is stepping up.
The company added 378,000 wireless phone customers easily topping FactSet’s estimate of 345,000. It’s a sign that Comcast’s mobile offerings are gaining real traction, especially when bundled with its internet and cable services.
To soften the blow from ongoing broadband losses, Comcast has retooled its product offerings. That includes simplified, all-in-one bundles that combine home internet, mobile service, and streaming entertainment.
And here’s something rare in telecom: a five-year price lock. Comcast is using that promise to retain jittery customers who might otherwise jump to cheaper or more flexible rivals.
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378,000 wireless subscribers added (FactSet estimate: 345,000)
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226,000 broadband customers lost (FactSet forecast: 255,000)
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Five-year internet price lock rolled out to stem customer churn
Box Office Bounce Brings Studio Back to Life
Hollywood hasn’t been a goldmine lately but Comcast’s DreamWorks division scored a hit.
The live-action remake of “How to Train Your Dragon” brought in about $600 million worldwide. That kind of box office success is rare in today’s streaming-first era, and it boosted studio revenue 8% from the year prior.
Theaters may not be back to pre-pandemic levels, but when a film works, it really works. Comcast is betting that strategic IP-based releases like this will continue to deliver, especially when backed by theme park synergy.
Studio executives are likely eyeing a similar formula for future films known brands, big emotional payoffs, and tie-ins that stretch beyond the screen.
Earnings Beat Gives Wall Street Reason to Cheer
The final numbers tell a clear story: Comcast is holding its ground.
Total revenue for the second quarter came in at $30.31 billion slightly ahead of the $29.81 billion forecast compiled by LSEG. Adjusted earnings landed at $1.25 per share, beating expectations of $1.18.
While losses in broadband remain a challenge, they’re not derailing the overall momentum. Strategic bundling, strong wireless performance, and a rejuvenated streaming division are giving Comcast breathing room.
This quarter’s results suggest that Comcast has a roadmap for balancing legacy business decline with new growth. It’s far from a perfect company but investors are seeing enough spark to believe in its future.
