Disney's (DIS.US) Q2 Revenue Misses Consensus Estimate, Hindered by Film and Parks Business

Underperforming expectations, Comcast (CMCSA.US) reported second-quarter revenue of $29.7 billion, down 2.7% year-over-year, below the $30 billion consensus estimate; adjusted EPS of $1.21 beat the $1.12 consensus estimate.

By segment, theme park revenue fell 11% to $1.98 billion, below the $2.21 billion consensus estimate; movie studio revenue fell 27% to $2.25 billion, below the $2.51 billion consensus estimate.

Universal Pictures released two blockbuster movies last year, "Super Mario Bros. Movie" and "Fast & Furious 10," and has not had a blockbuster since.

Universal's theme parks bounced back strongly after the pandemic but have since seen customers shift to other forms of entertainment, including international travel and cruises, as Universal plans to open new attractions. The Universal's Epic Universe theme park, originally scheduled to open in Orlando this year, has been pushed back to 2025.

Comcast's adjusted EBITDA grew 1.6% to $8.5 billion, beating Wall Street's expectations, driven by cost efficiencies and 322,000 new wireless subscribers. Comcast's Link & Platform segment, which provides cable TV, internet and phone services, is Comcast's largest business.

The company lost 120,000 broadband customers during the period as competition with telecom companies offering wireless internet alternatives intensified.

Comcast also lost 4.19 million video subscribers as people continue to cancel cable TV services and shift to streaming media. Comcast's streaming product Peacock has struggled to compete with industry giants Netflix and Disney.

Peacock had 33 million subscribers, up 38% year-over-year, but below the 34.7 million consensus estimate. The segment's adjusted EBITDA loss narrowed to $348 million.

As of publication, Comcast shares were up 1.44% to $40.10.