Comcast (NASDAQ:CMCSA) shares fell Thursday after the media giant reported an earnings beat but a revenue miss for its second quarter.
Earnings per share came in at 78 cents, adjusted, vs. 75 cents expected. Revenues were $26.86 billion, vs. $27.06 billion expected
Comcast narrowly beat analyst estimates for net additions of high-speed internet customers, reporting 209,000 compared to the 208,000 analysts were expecting.
This marks the fourth consecutive quarter for which Comcast has beat analysts’ earnings per share estimates, and shares of the stock have spiked more than 30% in 2019.
Theatrical revenue decreased 53.1% for the quarter compared to the same period last year, but the company said the decline was due to the strength of releases last year including “Jurassic World: Fallen Kingdom.” The decline impacted Comcast’s filmed entertainment revenue, the company said, which fell 14.8% in the second quarter of 2019 compared to last year.
Comcast said Sky, the British broadcaster it acquired last year, saw total customer relationships increase 4.4% year over year to 24 million. Sky brought in $4.83 billion in revenue for the quarter, a 3.3% decrease compared to the second quarter of 2018.
Comcast blamed the impact of currency for the change and said its constant currency growth represents a 2.4% increase year over year, driven by higher content and direct-to-consumer revenue.
As its video segment has declined, Comcast has shifted its focus on other areas of the business to develop. Comcast acquired British broadcaster Sky last year.
Shares dipped 14.5 cents to $44.72
