Comcast Q3 Sees Continued Broadband Downturn, Despite Boosts From World Cup, Peacock — SkimNews
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- Comcast reported third-quarter revenue of $29.3 billion, down 6.1% year over year, though pro-forma revenue rose 0.5% after adjusting for spin-offs and asset sales.
- Comcast lost 144,000 broadband subscribers in Q3, an acceleration from the 91,000 lost in the same quarter last year, reflecting ongoing erosion in its core connectivity business.
- Comcast lost 274,000 domestic video customers, worsening from 257,000 losses a year earlier, as cord-cutting pressures continue to mount.
- NBCUniversal saw its TV, film, and theme parks segment revenue rise 6.5% to $10.54 billion, driven by World Cup ad sales that surged 14.6%, though without the event, growth would have been just 0.3%.
- Peacock generated $1.82 billion in revenue, up 33% year over year, and posted a pre-tax profit of $261 million, reversing a $217 million loss from the prior year.
- Peacock maintained 48 million paid subscribers in Q3, flat from Q2 but up 17% year over year, even as revenue dipped sequentially from $1.90 billion.
- NBCUniversal theme parks revenue declined 4.4%, with lower admissions revenue cited as a key factor, despite strong film performance including 'The Odyssey'.
Why it matters: Comcast’s core broadband business is weakening faster than last year, even as Peacock turns profitable and World Cup ads provide a temporary boost—meaning the upcoming NBCUniversal spinoff hinges on sustaining streaming gains while legacy cable declines accelerate. The 144,000 broadband losses signal mounting pressure on its most stable revenue stream.
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