Comcast added 380,000 new cable customers in the first quarter, a new record for the company, giving it a total base of 33.5 million at the end of March. The strong customer growth along helped cable revenues grow 5.9 percent year-on-year to USD 15.8 billion in Q1, and adjusted EBITDA increase 12.4 percent to USD 6.8 billion.
Customer service growth was strongest in broadband, with 461,000 net additions, just slightly less than the 477,000 in Q1 2020. Xfinity Mobile also had a strong quarter, with 278,000 customers added and revenues up nearly 50 percent thanks to a surge in device sales. The drop in TV customers continued to grow, with 491,000 subscribers lost in Q1, and fixed telephony also shed 106,000 lines.
Business services revenue increased 6.1 percent, reflecting an increase in average rates and an increase in the number of customers. Advertising revenue increased 10.8 percent, helped by recent acquisitions.
Growth in cable helped Comcast offset the continued decline in results at NBCUniversal. The latter posted revenues down 9.1 percent to USD 7.0 billion, and adjusted EBITDA declined 11.8 percent to USD 1.5 billion.
The new streaming service Peacock is included from Q1 in the Media division of NBCUniversal and counted 42 million registered users at the end of March. Peacock helped Media revenues increase 3.2 percent to just over USD 5 billion, offsetting a drop in ad revenues after a fall in ratings on NBC channels. However, Peacock's content costs weighed on Media EBITDA, which fell 3.7 percent to USD 1.5 billion.
On a group basis, including also Sky, Comcast's revenue for the first quarter increased 2.2 percent to USD 27.2 billion. Adjusted EBITDA was up 3.5 percent to USD 8.4 billion, and net income jumped 55.1 percent to USD 3.3 billion.
Capex dipped 1.2 percent lower to USD 1.9 billion due to lower spending at NBCUniversal, while cable capex rose 8.0 percent to USD 1.4 billion. Free cash flow totaled USD 5.3 billion, and Comcast paid USD 1.1 billion in dividends in the period.
