NBCUniversal parent Comcast reported lower numbers at its theme parks, which had soared to new heights after Covid. Revenue fell nearly 10% and profit fell 24% for the second quarter ended in June, the conglomerate said Tuesday.
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Disney shares fell in May after executives warned of flattening park growth amid the “normalization” of demand post-Covid. “While consumers continue to travel in record numbers and we continue to see healthy demand, we are seeing some evidence of a global moderation in peak travel post-Covid,” the company said at the time. Disney, currently in the midst of a parks spending spree, reports June quarter earnings next week.
The wind-down makes sense. Parks were among the first and biggest attractions to open to a country battered by Covid, seeing record numbers in 2022 and 2023, at a time when no one was traveling far. But that’s changed, Comcast executives said on a call earlier today, when President Mike Cavanagh noted that there was “a Covid recovery that is so big that we didn’t expect it to be before.”
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