Comcast Reports Accelerating Broadband Growth, Cord Cutting
Comcast is picking up broadband subscribers faster than expected even as cord cutting accelerates, analysts said Thursday after the company released results. Its cable business is doing well financially, while NBCUniversal will continue to suffer until there's a COVID-19 vaccine,…
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Craig Moffett of MoffettNathanson wrote investors. Comcast said it was its best Q2 for broadband adds in 13 years, with 323,000. That doesn't count more than 600,000 "high risk" or free Internet Essential customers, it said. It ended the quarter with 19.47 million residential video customers, down 1.17 million year over year; 27.22 million residential broadband customers, up 1.59 million; 9.7 million residential voice customers, down 310,000; and 2.39 million wireless lines, up 807,000. Comcast said its Peacock streaming service, launched in April and taken nationwide in July, has netted 10 million sign-ups. Revenue was $23.72 billion, down 12%.