Cable and internet provider Comcast released its Quarter 1 financial results this morning, ahead of an investor call to discuss performance for the beginning of the year.
The Q1 report shows that Comcast has lost another 427,000 TV customers and 199,000 broadband customers, as consumers continue making the shift to streaming.
After broadband numbers dipped in Q4 2024, Comcast shared that the company would be focusing on growing its wireless business. During that investor call, executives said that they would be bundling mobile and broadband in hopes of pulling in new customers.
That shift seems to have worked, with total domestic wireless line net additions at 323,000. That marked the “highest wireless line additions in two years,” according to Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation.
Another win was in media. While advertising revenue was down for the quarter, that loss was offset by increased revenue from Peacock. The company’s Media Adjust EBITDA was $1 billion, driven by $1.2 billion in revenue from Peacock.
The release of Wicked was also mentioned several times in the report, with digital sales of the film listed as a revenue driver. Studios Adjusted EBITDA was $298 million, with Wicked listed as a main driver.
“With our significant free cash flow generation, disciplined approach to capital allocation and the strength of our diversified businesses, I am confident that we are well-positioned to navigate an evolving environment and capture future opportunities,” Roberts shared in a statement along with the report.