Severe declines in revenue at NBCUniversal’s theme parks and movie studios spurred a 37% decline in profit in the third quarter for cable-and-entertainment giant Comcast.
The Philadelphia owner of NBCUniversal, the Sky satellite business and the large Comcast cable distributorship said third-quarter net profit fell 37% to $2.02 billion, compared with $3.22 billion a year earlier. Revenue in the period fell 4.8% to $25.5 billion, as NBCUniversal, dependent on advertising and consumers gathering at movie theaters and the company’s theme parks, grappled with the effects of the coronavirus pandemic.
Still, the results were better than what Wall Street had anticipated, with customer demand for...
The Philadelphia owner of NBCUniversal, the Sky satellite business and the large Comcast cable distributorship said third-quarter net profit fell 37% to $2.02 billion, compared with $3.22 billion a year earlier. Revenue in the period fell 4.8% to $25.5 billion, as NBCUniversal, dependent on advertising and consumers gathering at movie theaters and the company’s theme parks, grappled with the effects of the coronavirus pandemic.
Still, the results were better than what Wall Street had anticipated, with customer demand for...
- 10/29/2020
- by Brian Steinberg
- Variety - TV News
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