Cord cutting is continuing to hit Comcast hard as the company has recently lost both TV and internet customers. In Comcast’s 2nd quarter earnings report released this morning, the company reported it lost 419,000 cable TV customer losses. That works out to over 4,604 subscribers every day. Comcast also lost 120,000 internet customers in the 2nd quarter of 2024.
“We grew Adjusted EPS high single digits and continued to invest aggressively in our businesses while returning $3.4 billion to shareholders,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “Broadband ARPU increased by 3.6% and we delivered 6% revenue growth in our connectivity businesses, while expanding our Adjusted EBITDA margin across Connectivity & Platforms to a record-high 41.9%. Media returned to Adjusted EBITDA growth, driven by Peacock, which delivered the best year-over-year improvement for any quarter since its launch in 2020. In Studios and Theme Parks, we faced difficult comparisons to last year, but our upcoming film and TV content and the debut of Epic Universe bode very well for the future. More broadly, I am excited about the growth opportunities ahead, as our teams innovate and collaborate to connect our customers, viewers and guests to the moments that matter. The Paris Summer Olympics is a perfect example of this, where starting this Friday our company will be leveraging our most advanced technology and expertise in storytelling to provide millions of households in the U.S. with the finest, most expansive television and streaming coverage in media history for an Olympics or perhaps any televised event… and even more important, an experience they hopefully will never forget.”
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.