Comcast reports higher broadband subscriber losses as competition heats up
Comcast reported a larger-than-expected decline in broadband customers in the first quarter on Thursday, hit by intense competition from wireless carriers that bundle mobile services with high-speed internet plans.
Broadband customers decreased by 199,000 in the quarter, higher than the 139,000 losses it reported in the last three months of 2024.
FactSet analysts had expected the company to shed 146,100 broadband customers.
U.S. telecom operators have boosted their plans with attractive trade-in deals and price guarantees as they compete for a shrinking pool of new users.
The media giant responded in mid-April with new pricing plans along with five-year price locks for new broadband customers to stem subscriber losses in its Xfinity Internet service.
Comcast's studio revenue was up 3 per cent to $2.83 billion, helped by the continued success of films "Wicked" and "Nosferatu" released in the fourth quarter.
The company's first-quarter revenue of $29.89 billion beat estimates of $29.77 billion, according to data compiled by LSEG.
Streaming service Peacock reported an adjusted core loss of $215 million, narrower than $639 million reported a year earlier.
Revenue at its theme park business fell 5.2 per cent to $1.88 billion in the quarter, due to the Los Angeles wildfires in January, impacting several services in Hollywood.
Comcast's much-awaited "Epic Universe" theme park is set to launch next month with five immersive worlds and more than 50 attractions.
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