October 31, 2024 at 4:28 a.m.

Comcast stock rose more than 4% pre-market Thursday after the media giant beat Wall Street’s expectations for its third quarter of 2024, with quarterly results boosted by the 2024 Paris Olympics.

Peacock reported a loss of $436 million in the quarter, compared to $565 million in the year-ago period. But the streamer’s revenue rose 82% year over year to $1.5 billion and added 3 million paying subscribers during the quarter for a total of 36 million, up 29% year over year.

Here are the main results:

Adjusted net income: $4.3 billion, down 3.3% year over year

Adjusted earnings per share: $1.12 per share, up 3.3% year over year, versus $1.06 per share expected by analysts surveyed by Zacks Investment Research.

Income: $32.07 billion, up 6.5% year-on-year, compared to $31.8 billion expected by analysts surveyed by Zacks Investment Research.

Adjusted EBITDA: $9.74 billion, down 2.3% year-on-year

The summer games increased overall media revenue by 36.5% year-over-year to $8.23 billion. Excluding the impact of the Olympics, media revenues increased 4.9% to $6.34 billion. Media segment adjusted EBITDA fell 10% to $650 million.

More to come…