The Los Angeles Post
U.S. World Business Lifestyle
Today: April 05, 2025
Today: April 05, 2025

Comcast posts surprise broadband customer loss, results top estimates

Illustration shows small toy figures with laptops and smartphones in front of displayed Comcast logo
April 26, 2024

By Helen Coster and Samrhitha A

NEW YORK (Reuters) - Comcast forecast higher broadband losses after the number of customers unexpectedly declined in the third quarter amid tough competition, overshadowing the strong performance of its streaming and parks businesses and sending shares of the company down nearly 6%.

The media giant lost 18,000 broadband customers in the third quarter, against estimates for a gain of 3,600 customers, according to FactSet. The company has faced pressure from wireless carriers such as Verizon and T-Mobile, which offer broadband services that target lower-income customers.

In a call with investors on Thursday, Comcast said it expects โ€œsomewhat higherโ€ broadband subscriber losses in the fourth quarter. That would be at least triple the loss of 6,000 customers analysts had forecast prior to the call, according to FactSet. Comcast has over 32.3 million broadband customers.

Revenue rose 0.9% to $30.12 billion in the third quarter, beating analystsโ€™ estimates of $29.68 billion, according to LSEG data.

In its third set of results under a new reporting structure that includes NBCUniversal in the content and experiences segment, Comcast reported a 0.8% increase in revenue in the unit to $10.56 billion.

Advertising revenue in content and experiences fell 8.4% from the same quarter the previous year.

Revenue at the company's Peacock streaming service rose 64% from a year earlier. Paid subscribers increased by 4 million in the third quarter, to 28 million.

Adjusted losses from Peacock narrowed in the quarter, to $565 million, due partly to price hikes. On Thursday, Comcast President Mike Cavanagh said the company expects Peacock adjusted losses to peak at $2.8 billion in 2023, less than the $3 billion it had previously forecast.

Theme parks revenue climbed 17.2%, thanks to pent-up demand following the COVID-19 pandemic.

Despite the box office success of "Oppenheimer," studios revenue fell by 23.6% in the quarter from the same quarter a year ago, which included the hits "Jurassic World: Dominion" and "Minions: The Rise of Gru."

Adjusted profit came in at $1.08 per share, beating expectations of 95 cents.

(Reporting by Helen Coster in New York and Samrhitha Arunasalam in Bengaluru; Editing by David Gregorio, Sriraj Kalluvila and Jonathan Oatis)

Related Articles

Judge sets January date to hear NASCARโ€™s motion to throw out an antitrust lawsuit China's Nio, behind on growth targets, aims to tighten cost control Kroger's $25-billion deal for grocery rival Albertsons blocked by US courts Pony AI fetches $5.25 billion valuation as shares jump 15% in Nasdaq debut
Share This

Popular

Business|Economy|Political|US

Your questions about tariffs, answered

Your questions about tariffs, answered
Americas|Business|Economy|Environment|World

Petrobras completes animal care center required for offshore license

Petrobras completes animal care center required for offshore license
Business|Economy|Europe|Political|US

UK PM Starmer ready to 'shelter' businesses from tariff storm

UK PM Starmer ready to 'shelter' businesses from tariff storm
Business|Economy|Political|US|World

US starts collecting Trump's 10% tariff, smashing global trade norms

US starts collecting Trump's 10% tariff, smashing global trade norms

Technology

Business|Economy|Political|Technology|US

US consumers rush to buy big-ticket items before Trump's tariffs kick in

US consumers rush to buy big-ticket items before Trump's tariffs kick in
Business|MidEast|Political|Technology|World

Microsoft AI CEO's remarks interrupted by pro-Palestinian protester

Microsoft AI CEO's remarks interrupted by pro-Palestinian protester
Business|MidEast|Political|Technology|US

Microsoft employees protest at 50th anniversary party over Israel contract

Microsoft employees protest at 50th anniversary party over Israel contract
Business|Technology

How Microsoft's AI chief measures consumer inroads for Copilot

How Microsoft's AI chief measures consumer inroads for Copilot

Access this article for free.

Already have an account? Sign In