康卡斯特二季度宽带流失和暂停回购压过流媒体与影视业务改善

Comcast’s (CMCSA) streaming and studio businesses were standout performers during the second quarter as strong box-office receipts for The Super Mario Galaxy Movie and Obsession, FIFA World Cup viewership, and the NBA playoffs helped offset disappointing second quarter results for its broadband and theme park businesses.
The stock is under pressure, however, as suspended share repurchases (tied to the separation of its NBCUniversal and Sky businesses) and larger than-expected loss of residential broadband customers—likely to worsen as low earth orbit (LEO) satellites replace cable—offset better-than-expected results and a profitable quarter for its Peacock streaming service.
For the combined businesses, broadband’s underperformance was reflected in a 4.3% decline in total revenue, an 8% loss in adjusted EBITDA, and 150 basis point margin compression. This was attributed to decreases in video and domestic broadband sales, partially offset by increases in domestic wireless service, ad revenue, and international connectivity.
In its Content & Experiences segment, the media and studio segments outperformed with a 25% surge in revenue thanks to its sporting events and movies. And while Orlando’s Epic Universe had a strong opening, the gain barely offset losses at Universal’s international parks.
Despite a top- and bottom-line beat, the loss of broadband subscribers (-167K)—considered the engine for Comcast's free cash flow—is weighing on shares, last trading nearly 4% lower and driving CMCSA into the red for the week.