Peacock, the streaming service ofComcasts entertainment unitNBCUniversal, grew its first-quarter revenue and narrowed its loss to $639 million from $704 million in the year-ago period, and $825 million in the fourth quarter of 2023, despite higher programming costs. The streamer ended March with 34 paying subscribers, compared with a year-end 2023 figure of 31 million, the company also said on Thursday.

Peacock paid subscribers increased 55 percent compared to the prior-year period to 34 Million, including net additions of 3 million in the first quarter, Comcast highlighted. Peacock revenue increased 54 percent to $1.1 billion. Christopher Nolans Oscar-winning epicOppenheimer exclusively started streaming onPeacockon Feb. 16 after its theatrical release in July 2023.

As streaming profits, which have so far been elusive for most industry giants, remain in focus for Wall Street, Peacock previously posted a full-year 2023 loss of $2.75 billion. But Comcast CFO Jason Armstrong earlier this year emphasized that 2023 marked the peak in annual losses at Peacock, and for 2024 we expect to show meaningful improvements in losses, versus 2023.

In its quarterly earnings report on Thursday, the media, entertainment, and technology giant, led by chairman and CEO Brian Roberts, also disclosed lower bottom-line figures for its key NBCU units as adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell. Peacocks losses are disclosed as part of NBCUs media unit.

Comcasts core cable and telecom business again lost pay-TV subscribers in the first quarter and also lost broadband subscribers, a data point that Wall Street analysts will closely analyze. The company lost 487,000 U.S. video customers, after a year-ago drop of 614,000, ending March with more than 13.6 million. Comcast also lost 65,000 U.S. broadband subscribers, compared with a year-ago gain of 5,000, to end the first quarter with nearly 32.2 million.

In Studios, following a record year with eight Oscars including best picture, our film group continues to leverage our incredible IP with hits like Kung Fu Panda 4, Roberts said on Thursday. And Peacock remains one of the fastest-growing domestic streamers with impressive acquisition, retention and engagement trends. Overall, I am proud of our ability to consistently perform at the highest levels and continue to position the company for long-term growth.

He also touted: Our team is continuing to execute exceptionally well in a dynamic and competitive marketplace.

Comcast has six growth businesses that it sees worth investing in: Peacock, studios, theme parks, residential broadband, mobile, and business services.

Given its history of big acquisitions, including the likes ofNBCU, cable giant ATT Broadband, and European pay-TV powerhouse Sky, Wall Street has at times been jittery about Comcasts possible involvement in major MA, which costs money and time to deliver financial returns and demonstrate strategic benefits.But management has signaled discipline. While there may be speculation what we could do next, Id like you to hear it directly from me, Roberts said in late January. I love the company we have,he emphasized. So the bar continues to be even higher for us to do anything.