What drove CMCSA's EPS surprises in 2024?

Comcast's EPS in 2024 was driven by strong performance across its business segments, including connectivity, media, and Peacock.

1. **Connectivity Business Growth**: The connectivity business saw a 5% revenue increase, driven by a 3.6% rise in average revenue per user (ARPU) and growth in the number of broadband subscribers. This growth was particularly notable in the face of intense competition in the broadband market, which led to the loss of 139,000 broadband subscribers in Q4.
2. **Peacock's Revenue Surge**: The Peacock streaming platform experienced significant growth, with a 46% increase in revenue and a 29% rise in paid subscribers to 36 million. This growth was fueled by the successful launch of new products like the NOW TV platform and the addition of high-quality, affordable Internet, mobile, and streaming TV options.
3. **Media Segment Performance**: Comcast's media segment benefited from the successful Paris Olympics, which generated record-high media revenue. This, combined with strong performance in Studios, where the release of "Despicable Me 4" grossed nearly $1 billion worldwide, contributed to the overall positive earnings surprise.
4. **Strategic Initiatives**: Comcast's focus on long-term growth, as evidenced by its investments in network capacity, multi-gig speeds, and in-home Wi-Fi technology, paid off in the form of increased revenue and market share. The company's domestic wireless lines grew by 20%, indicating strong demand for its mobile services.

In summary, Comcast's EPS in 2024 was driven by robust growth in its connectivity and media segments, particularly in Peacock, along with strategic initiatives that positioned the company for future growth.