Comcast Reports 2nd Quarter 2022 Results

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Comcast failed to gain broadband subscribers for the first time in its history. Comcast had 32.16 million subscribers at the end of the second quarter, the exact same number it had at the end of the first. The company lost about 10,000 net broadband residential subscribers compared with the first quarter, while it added about 10,000 business-services broadband customers. Despite the broadband-subscriber slowdown, company executives said there have been few broadband customers leaving Comcast. In past quarters, the company has attributed the slowdown to fewer people changing homes. A review of the company’s quarterly filings shows that Comcast added at least 100,000 net new broadband subscribers every quarter over the past 20 years, with the exception of a single instance during the 2008-09 financial crisis, when the company gained 65,000 broadband subscribers in the second quarter of 2009. The cornerstone of Comcast’s operations, the broadband business has been a longstanding driver of growth. During the first two years of the coronavirus pandemic, the company added more than a million broadband subscribers every year, often setting records. But like its peers, Comcast warned late in 2021 that broadband-subscriber growth was waning.

Overall, the company said net profit declined 9.2% to $3.4 billion from $3.74 billion in the year-earlier quarter. Revenue rose 5.1% to $30.02 billion. Comcast said the number of paying subscribers to its Peacock streaming service remained stable at around 13 million. During the first quarter of this year, Peacock’s paying subscriber base had jumped by more than 40%, largely thanks to top sporting events such as the Super Bowl and Beijing Winter Olympics, as well as new original content, including “Bel-Air.” NBCUniversal had $467 million in losses stemming from Peacock, and expect that to increase in the second half of the year. Comcast’s cable unit—which includes the Xfinity-branded broadband, cable-TV, and mobile businesses—saw revenue increase 3.7% to $16.6 billion, and continued to make up the bulk of Comcast’s overall revenue.

Comcast Reports 2nd Quarter 2022 Results Comcast Fails to Gain Broadband Subscribers for First Time Ever As Broadband Competitors Turn Up the Heat, Comcast Begins to Feel It (telecompetitor)