Universal Box Office Revenue Falls 88% in First Quarter of 2021

Jennifer Maas

Universal’s box office revenue fell 87.7% year over year during the first quarter of 2021, when “Nobody” was the studio’s only film that had a theatrical release amid the ongoing pandemic, parent company Comcast reported in its Q1 earnings Thursday.

That is in comparison to Comcast’s Jan. 1-March 31, 2020 quarter, a time span during which the coronavirus pandemic was just beginning to affect movie theater closures around the world.

Still, Comcast outperformed analysts’ estimates for both its Q1 2021 earnings and revenue.

Wall Street forecast earnings per share (EPS) of 58 cents on $26.7 billion in revenue, according to a consensus compiled by Yahoo Finance. Comcast reported adjusted EPS of 76 cents on $27.2 billion in revenue for the quarter ended March 31.

In other good news, Comcast reported that its young streaming service Peacock has now hit 42 million sign-ups in its first quarter as home to “The Office” and WWE Network programming.

“We are off to a great start in 2021. Our entire company performed well across the board, highlighted by another strong performance from cable, which posted its third consecutive quarter of double-digit Adjusted EBITDA growth, while adding the most quarterly customer relationships in our company’s history. Outside of cable, I was also very pleased by the persistent recovery and increasing momentum at NBCUniversal and Sky. Our theme parks once again reached breakeven, excluding Universal Beijing Resort pre-opening costs; and – to the delight of our guests – we successfully re-opened Universal Studios Hollywood on April 16th. At Sky, customer relationship additions increased by 221,000, marking the best first quarter result in six years despite the lockdowns imposed throughout Europe. Across all parts of the company, our teams are executing at a high level and collaborating to drive growth and innovation, and I couldn’t be more excited about our future,” Comcast Chairman and CEO Brian L. Roberts said Thursday in a prepared statement accompanying the financial results.

Comcast stock closed Wednesday at $54.10 share. The regular U.S. stock markets will reopen at 9:30 a.m. ET.

Roberts and other Comcast executives will host a conference call at 8:30 a.m. ET to discuss the quarter in greater detail.

More to come…

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