Cord cutting is continuing to hit Comcast hard as the company has recently lost both TV and internet customers. In Comcast’s Q2 earnings report released this morning, the company reported it lost 543,000 video customer losses. That works out to almost 6,000 Subscribers Every Day. The company lost 19,000 broadband customers for the quarter. Comcast now has 32 million total broadband customers. Revenue from domestic broadband was up 4.4% in the 2nd quarter.
Comcast saw traditional pay TV customers leave at a slightly slower rate in the 2nd quarter of 2023 vs the 1st quarter of 2023 when they lost 614,000 video customers. Comcast saw video revenue drop to $7.35 billion, a drop of 5.6% vs the same period in 2022.
This all comes as cord cutting 2.0 is starting to take hold as Americans look for cheaper ways to get home internet. Still in its early years but with new options for home internet cord cutting 2.0 is finally a reality.
To help offset these losses, Comcast also reported adding 315,000 wireless customers.
Comcast says its revenues went up to $30.5 billion in the 2nd quarter, a 1.7% year-over-year increase. With that, its domestic broadband revenue was up 4.4%, and Xfinity Mobile revenue was up 20% in the 2nd quarter of 2023.
“The consistent investments we’ve been making in our growth businesses continue to generate strong results and position us extremely well both now and into the future. Second quarter operational and financial performance was excellent and included a double-digit increase in Adjusted EPS and significant free cash flow generation,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “This quarter contained a number of highlights and notable achievements. We not only continued to deliver solid revenue growth in our connectivity businesses but also expanded our Adjusted EBITDA margin at Connectivity & Platforms. We generated the best quarterly Adjusted EBITDA ever at Theme Parks, had the second-highest grossing animated film of all time in worldwide box office revenue with Super Mario Bros., and nearly doubled paid Peacock subscribers year-over-year. At the same time, we returned a healthy amount of capital to shareholders and maintained an enviable balance sheet. Our experienced and expert management team is executing at an exceptional level, and our long-term-oriented growth strategy is clearly working.”
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 2 million in the 2nd quarter, with 24 million subscribers. Peacock Revenue increased to $820 Million.