Cord cutting is continuing to hit Comcast hard as the company has recently lost both TV and internet customers. In Comcast’s 3rd quarter earnings report released this morning, the company reported it lost 490,000 video customer losses. That works out to almost 5,300 Subscribers Every Day. The company lost 18,000 broadband customers for the quarter. Comcast now has 32 million total broadband customers. Revenue from domestic broadband was up 3.8% to $6.4 billion in the 3rd quarter.
Comcast saw traditional pay TV customers leave at a slightly slower rate in the 2nd quarter of 2023 vs the 2nd quarter of 2023 when they lost 543,000 video customers. The 3rd quarter is always a good quarter for cable TV it includes the start of many popular sports including the NFL.
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.
“We delivered strong financial results in the third quarter, while also investing in long-term growth, accelerating share repurchase activity and maintaining our healthy balance sheet,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “Our strategic focus on innovation and financial discipline facilitated by consistent execution positions us competitively both now and into the future. Among the many highlights from across the company, we delivered another quarter of double-digit Adjusted EPS growth, continued to generate solid revenue growth in our connectivity businesses and expanded our Adjusted EBITDA margin at Connectivity & Platforms. We also reported the highest Adjusted EBITDA on record at Theme Parks; drove Oppenheimer to more than $900 million in worldwide box office – becoming the highest grossing biopic of all time; and materially improved Peacock paid subscriber and financial metrics compared to the prior year period as well as on a sequential basis.”
To help offset these losses, Comcast also reported adding 294,000 wireless customers.
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 up more than 4 million in the 3rd quarter, with 28 million subscribers. Peacock Revenue increased to $830 Million. But Peacock still lost $565 million.