Comcast posted a record quarterly revenue and Peacock subscriber growth, while broadband subscribers declined.
Comcast Corp saw its stock struggle following its quarterly financial results, which showed only a slight increase in profits – it made $3.86 billion of net income compared to $3.83 billion this time last year.
Nevertheless, revenues for the quarter actually hit a new record for the period at $30.1 billion, up from $29.8 billion.
Peacock, the media and communications group’s online streaming service, performed well with a 55% increase in paying subscribers which reached a total of around 34 million.
The growth moves the needle in the direction of profitability. Peacock generated more than $1 billion of revenue, which meant its loss for the three month period reduced to around $639 million.
At the same time, however, Comcast’s broadband business was in decline and lost more customers than expected (65,000 versus 48,000). It blamed a weak housing market and fewer home moves across its market for some of the fall, as normally new homes equal new broadband connections.
segment, losing 65,000 subscribers, which was more than the expected 48,000. In contrast, the mobile service division saw significant growth, adding 289,000 wireless lines.
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