Comcast's fourth-quarter earnings report revealed a significant decline in broadband subscribers, overshadowed by strong performance driven by holiday movie releases.
Comcast reported a significant decline in broadband subscribers for the fourth quarter on Thursday, despite positive results driven by successful holiday movie releases, including the adaptation of the Broadway prequel to The Wild Robot. The company's broadband unit has been facing intensifying competition in recent quarters from telecom giants like AT&T and Verizon, which are aggressively vying for market share by bundling 5G wireless plans with high-speed fiber internet.
Comcast lost 139,000 broadband customers during the quarter, exceeding FactSet's projections of a 91,000 loss. The decline was further compounded by the impact of Hurricanes Milton and Helene, which disrupted Florida businesses during the period. However, the overall quarterly performance showcased several bright spots for Comcast. Its total revenue climbed 2.1 percent to $31.92 billion, surpassing estimates of $31.64 billion, according to LSEG data. The company also announced a $15 billion share buyback program. Peacock, Comcast's streaming service, experienced a 27.8 percent surge in revenue attributable to price increases implemented last year preceding the Olympics. Despite this revenue growth, Peacock's subscriber count remained stagnant at 36 million compared to the previous quarter, as Comcast focused on retaining users after a record influx in the third quarter.These results emerge at a pivotal juncture for Comcast as it endeavors to disentangle its core profit generators, such as its studio and theme park businesses, from the diminishing cable TV unit. This strategy involves spinning off select NBCUniversal cable networks. Comcast's cable TV networks recorded a loss of 311,000 subscribers due to cord-cutting, as consumers increasingly opt for streaming services. This figure represents a decline compared to the 389,000 losses observed a year ago and FactSet's estimates for a 333,000 loss. The theme park unit reported flat revenue at $2.37 billion, but its core earnings dipped 3.9 percent due to pre-opening expenses associated with Universal Epic Universe, slated to open in May
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