(Bloomberg) -- Comcast Corp. topped Wall Street forecasts for second-quarter sales and profit after signing up a record number of new internet customers and booking a surge in advertising revenue at its NBCUniversal division.

• Comcast added 354,000 internet customers, the most ever for a second quarter, the company said Thursday. Analysts were forecasting 292,000. Adjusted profit in the quarter rose to 84 cents a share, topping estimates of 66 cents.
• See details here.

Key Insights

• The results should ease investors’ fears that high-speed broadband, Comcast’s biggest growth driver, is showing any signs of slowing. Total revenue grew 20% to $28.5 billion in the quarter, exceeding forecasts.
• The company continues to lose cable-TV customers as more people turn to streaming. Comcast said 399,000 video customers dropped service in the period, though that was fewer than the 478,000 analysts expected.
• Revenue at Comcast’s NBCUniversal division jumped 39%, thanks in large part to the reopening of its theme parks, which registered almost no business a year ago because of the pandemic and returned to profit in the period.
• NBCUniversal’s media division, which includes its TV networks and Peacock streaming service, registered a 33% increase in ad sales. Marketers have spent more as the pandemic eased and consumers emerged from their homes, though a recent rise in cases could change that.

Market Reaction

• Comcast rose 2.8% to $59.60 in early trading. As of Wednesday’s close, Comcast shares were up 11% this year, compared with a 17% gain in the S&P 500.

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• Read the statement.
• See Comcast estimates.

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