Comcast reported that it lost 388,000 residential video subscribers in the first quarter of 2020. In addition to residential losses, Comcast reported 22,000 business video subscribers for the quarter.
While video subscribers dropped, the company notes that cable revenues overall increased, with the additions to broadband and wireless. In the earnings call following the report, Comcast noted that it had the best net quarter add in 12 years for high speed internet. Comcast saw 477,000 net additions to its internet subscriber base. Cable revenue grew by 4.5% year over year, to $14.9 billion, due to the increase in internet customers.
“Our Cable Communications results, while strong in the first quarter 2020, will be negatively affected in the second quarter by the significant deterioration in domestic economic conditions in recent weeks and by the costs associated with our support of customer connectivity as the population increasingly works and learns remotely from home,” Comcast shared in a news release alongside the report.
“NBCUniversal and Sky results also will be negatively impacted to a greater extent in the second quarter 2020. As a result, we expect the impacts of COVID-19 to increase in significance in the second quarter 2020 and to have a material adverse impact on our consolidated results of operations over the near-to-medium term,” Comcast shared in a news release alongside the report.”
Overall, revenue for the first quarter of 2020 decreased 0.9% to $26.6 billion.
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