Comcast said that broadcasting the Winter Olympics from PyeongChang, South Korea, generated $1.6 billion in incremental revenue for NBCUniversal.
NBCU’s adjusted earnings before interest, taxes, depreciation and amortization increased 13.1% to $2.3 billion, thanks to both the Olympics and the Super Bowl, which aired on NBC.
Revenue was up 21.3% to $9.5 billion.
Earnings for NBCU’s broadcast unit were up 57.5% to $50.7 million as revenue soared $58.3% to $3.5 billion. Advertising revenue increased 84.9%.
Excluding the Olympics and Super Bowl, broadcast revenues were up 4.3% to $2.3 billion.
Cable network earnings were up 13.7% to $1.3 billion as revenues increased 6.6% to $2.8 billion. Excluding the Olympics, revenue was up 6.6%.
“Comcast NBCUniversal is off to a great start in 2018 with over 10% revenue growth in the first quarter,” said Brian Roberts, CEO of Comcast.”
“NBCUniversal delivered double-digit EBITDA growth, fueled by impressive results at our Theme Parks, as well as our TV businesses’ successful broadcasts of the NFL’s Super Bowl LII and the 2018 PyeongChang Olympics. The Olympics were an incredible event that showcased our capabilities and collaboration throughout the company,” Roberts said. “NBCUniversal’s amazing presentation was the most comprehensive in Winter Games history with over 2,400 hours of coverage across broadcast, cable networks, and digital, and Cable’s best-in-class technology delivered an unparalleled viewing experience, resulting in 26% higher ratings among our X1 customers than the national average. I’m proud of our teams across Comcast NBCUniversal and believe we are well-positioned for the future.”
At Comcast’s Cable Communication unit, video revenue decreased 0.8% as the number of video customers dropped by 96,000. Total customers relationship rose by 273,000 powered by the addition of 379,,000 high speed internet additions.
Cable revenue rose 3.6% to $13.5 billion.
For all of Comcast, net income rose 21.2% to $3.1 billion, or 66 cents a share, from $2.6 billion or $53 cents a share.
Revenue rose 10.7% to $20.6 billion.