In Comcast’s Q1 earnings report released this morning, the company reported it lost 614,000 video customers losses. That works out to be 6,800 subscribers Every Day. The company added just 32,324 broadband customers for the quarter.
Comcast saw traditional pay TV customers leave at a far faster rate in in the 1st quarter of 2023 vs the 4th quarter of 2022 when they lost 440,000 video customers. To help offset these losses, Comcast also reported adding 355,000 wireless customers.
While customer numbers were down, revenue was also down 4.3% to over $29 million in the 1st quarter of 2023. This is down from just over $31 million in the 1st quarter of 2022.
“We delivered strong first quarter results as our team executed exceptionally well,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “We grew Adjusted EBITDA and Adjusted EPS, and generated a significant amount of free cash flow. We accomplished all of this while continuing to invest in future growth initiatives. Also, importantly, we had solid revenue growth in our high-margin connectivity businesses, while increasing our Peacock subscribers more than 60% year over-year. Our theme parks set a new record of Adjusted EBITDA for a first quarter. In addition, we returned a healthy amount of capital to our shareholders and maintained an enviable balance sheet. As
we look ahead, we have great momentum across the company, including Studios where Super Mario Bros. has smashed global box office records to become one of the most successful movies of 2023.”
Comcast has been hoping that investing in its wireless, internet, and other areas will help offset the loses in its TV division. For now, we will have to wait and see if that happens.
Peacock did see subscribers up more than 60% in the 1st quarter, with 22 million subscribers. Peacock Revenue Increased 45% to $685 Million.