CMCSA Comcast Corporation

By Denny Jacob

Comcast Corp. shares fell 4.4% to $42.48 after the company reported a slowdown in its cornerstone broadband unit after seeing periods of strong quarters in the early months of the pandemic.

Philadelphia-based Comcast, owner of Xfinity-branded broadband and cable services, the NBCUniversal media empire and the U.K.'s Sky TV business, logged net income of $3.55 billion, or 78 cents a share, in the first quarter, up from $3.33 billion, or 71 cents a share, in the year-ago period. Adjusted earnings were 86 cents a share. Analysts polled by FactSet expected 80 cents.

Revenue rose to $31.01 billion from $27.21 billion. Analysts polled by FactSet expected $30.5 billion.

Comcast said the number of paying subscribers to its Peacock streaming service jumped by more than 40% in the first quarter, in part due to a packed schedule of sporting events in February. Comcast Chief Executive Brian Roberts on Thursday said Peacock had more than 13 million paying customers and 28 million monthly active accounts as of March 31.

Comcast's broadband unit, the cornerstone of its business, added 262,000 new customers, down 43% from the same period last year.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

April 28, 2022 10:09 ET (14:09 GMT)

Comcast (NASDAQ:CMCSA)
Historical Stock Chart
From Mar 2024 to Apr 2024

Comcast (NASDAQ:CMCSA)
Historical Stock Chart
From Apr 2023 to Apr 2024