Comcast beat Wall Street expectations for its fourth quarter of 2024 as Peacock continued to narrow its losses and "Wicked" helped the studios business defy gravity with an 85% increase in profit to $569 million.

Revenue rose 2% to $31.92 billion, generated by increases in its U.S. wireless operations, the success of “Wicked” and “The Wild Robot” at the box office and subscriptions at Peacock. Revenue from the company’s cable and connectivity business was basically flat.

Comcast closed 2024 with a strong quarter, handily beating Wall Street estimates, as 'Wicked' boosted NBCUniversal studio results.

Comcast stock fell double digits on Thursday after the company reported a bigger-than-expected drop in broadband customers and failed to add more subscribers to its Peacock streaming service.

Comcast reported a steep decline in broadband subscribers for the fourth quarter on Thursday on competition from telecom firms that have been bundling 5G mobile services with internet plans, sending its shares about 11% lower.