September 21, 2023

Digital Marketing Education

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Comcast profit beats expectations even as TV subscribers vanish

The company swung to a loss of 19,000 subscribers in its cornerstone broadband service in the quarter, despite investing heavily to gain market share and strengthen its brand. The erosion of cable TV customers continued, with a loss of 543,000 subscribers. 

Comcast, which offers wireless mobile through the Xfinity brand as part of a package for internet subscribers, added 316,000 mobile phone customers, fewer than the 345,000 analysts predicted. The weakness is possibly another sign of a subscriber slowdown across the wireless industry following lackluster numbers from AT&T Inc. and Verizon Communications Inc. earlier this week. 

On the bright side, Comcast’s streaming service, Peacock, added 2 million subscribers in the quarter for a total of 24 million, nearly doubling from the prior year. Revenue at the unit increased 85% to $820 million. The company expects Peacock losses to peak this year, but the company’s entertainment fortunes could be muddled by the effects of the strikes by Hollywood actors and writers. 


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