In a remarkable financial performance, Comcast Corp (CMCSA.O) has surpassed analysts’ revenue estimates for the quarter, boosted by increased attendance at their theme parks and the successful releases of ‘The Super Mario Bros Movie’ and ‘Fast X.’ As a result, the company’s shares surged nearly 6 percent, reaching $45.41 in early trading.

According to Refinitiv data, Comcast’s total revenue experienced a 1.7 percent rise to $30.51 billion, outpacing the average analyst prediction of $30.13 billion. The impressive results are largely attributed to the company’s strategic ventures in content and experiences, particularly under their new reporting structure that now includes NBCUniversal.

In the second quarter, Comcast’s content and experiences segment witnessed a 4 percent revenue increase, totaling $10.87 billion. However, ad revenue in this division declined by 4.9 percent compared to the same period last year, reflecting a soft advertising environment. Despite this setback, Comcast’s chief financial officer remains optimistic about future advertising prospects and expects overall results to improve in the upcoming third quarter, Reuters reported

The company’s streaming service, Peacock, has also seen significant growth, with revenue surging by 84.7 percent year-on-year. Paid subscribers expanded by two million during the quarter, reaching a total of 24 million subscribers, up from the 22 million reported in the previous quarter. Nevertheless, adjusted losses from the Peacock platform widened to $651 million, as Comcast continues to heavily invest in content. The company projects that Peacock’s losses will reach their peak at around $3 billion in 2023 but anticipates steady improvement thereafter.

A key contributor to Comcast’s success has been its theme parks, with revenue soaring by 22.4 percent. Notably, attractions like ‘Super Nintendo World’ in Hollywood and Osaka, Japan, drove the surge in demand.

The total connectivity and platforms revenue, which includes Comcast’s cable business and a substantial portion of its Sky unit, recorded a slight gain of 0.1 percent in revenue. However, the company experienced a loss of 19,000 broadband customers during the quarter, a smaller decline than the anticipated 73,000 losses projected by Factset.

Comcast has faced fierce competition from wireless carriers like T-Mobile US Inc (TMUS.O) and Verizon Communications Inc (VZ.N), which has pressured its business. Additionally, high market penetration and low moving rates have also contributed to the challenges faced by the company.

Despite these obstacles, Comcast’s net income attributable to the company rose by an impressive 25.1 percent to $4.25 billion in the quarter. On an adjusted basis, the company earned $1.13 per share, surpassing analysts’ expectations of 97 cents per share. The positive results demonstrate Comcast’s ability to navigate a dynamic market and capitalize on strategic investments in content and experiences.