Cord cutting is continuing to hit Comcast hard as the company has recently lost both TV and internet customers. In Comcast’s 1st quarter earnings report released this morning, the company reported it lost 487,000 cable TV customer losses. That works out to over 5,300 Subscribers Every Day. The company lost 65,000 broadband customers for the quarter, a jump over the 34,000 it lost in the 4th quarter of 2023.
“Our team is continuing to execute exceptionally well in a dynamic and competitive marketplace,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “We delivered double-digit growth in Adjusted EPS and free cash flow while returning $3.6 billion to shareholders, investing aggressively in our businesses, and maintaining our strong balance sheet. We grew broadband ARPU over 4%, delivered 7% revenue growth in our connectivity businesses, and expanded our Adjusted EBITDA margin across Connectivity & Platforms. 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; 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.”
This all comes as cord cutting 2.0 is starting to take hold as Americans look for cheaper ways to get home internet. It is still in its early years but with new options for home internet cord cutting 2.0 is finally a reality.
Comcast has been hoping that investing in its wireless, internet, and other areas will help offset the losses in its TV division. For now, we will have to wait and see if that happens.
Peacock did see subscribers increase by 3 million in the 1st quarter, with 34 million subscribers. Peacock still lost $639million in the 1st quarter of 2024.
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