0
Broadband

Comcast signs up over 10 mln Peacock users as pay-TV losses accumulate in Q2

Thursday 30 July 2020 | 13:52 CET | News

Comcast reported lower results for the second quarter, as the Covid-19 pandemic impacted its TV, films and theme parks business. The cable business in the US managed stable revenues, helped by record growth in broadband customers, while Sky lost customers, hurt by the disruption to sports schedules and store closures. 

Total revenues at Comcast fell 11.7 percent year-on-year to USD 23.7 billion, led by a 25 percent fall at NBCUniversal to USD 6.1 billion. Adjusted EBITDA dropped 9.1 percent to USD 7.9 billion, and net profit was down 4.4 percent to USD 3.0 billion. Comcast still grew free cash flow 40.5 percent to USD 6.0 billion, helped by 8 percent lower capex and delayed tax payments, and the company maintained its quarterly dividend at USD 0.23 per share. 

At the cable division, revenues were just 0.2 percent lower at USD 14.4 billion, and adjusted EBITDA increased 5.5 percent to USD 6.2 billion. Growth in broadband, wireless and the enterprise segment offset the drop in advertising and TV customers and the free services offered under the FCC's 'Keep Americans Connected' programme during the coronavirus outbreak. 

Customer growth improved to 217,000 net additions in Q2 for a total of 32.13 million cable customers at the end of June. Broadband growth jumped to 323,000 new subscribers, the best performance for a second quarter in 13 years, for a total of 29.43 million. That does not include over 600,000 bad debtors or low-income customers maintained in service through the FCC programme. 

TV subscriber losses more than double

The broadband growth was offset by the loss of another 477,000 TV subscribers, double the rate of losses in the year-earlier period, taking the base to 20.36 million subscribers. Telephony losses also more than doubled year-on-year, to 158,000, for a total of just over 11 million subscribers. Mobile growth slowed slightly to 126,000 net additions to reach a total of 2.39 million subscribers. 

The new streaming service Peacock, launched to Comcast customers in mid-April and the rest of the US in mid-July, has reached over 10 million activations to date, Comcast said. 

Sky revenues down 13%

At Sky, the company lost 214,000 subscribers in the quarter, compared to gains of 304,000 in the same period in 2019. Sky ended the quarter with 23.716 million customers, down from 24.016 million a year earlier. Comcast said it held onto 99 percent of total Sky subscribers and 95 percent of sports subscribers since the start of the Covid-19 crisis. 

The drop in customers and lower advertising and content revenues led to 15.5 percent fall in Sky's revenues to USD 4.1 billion in Q2, and adjusted EBITDA fell 2.2 percent to USD 749 million. Excluding currency effects, revenues were down 12.9 percent and EBITDA rose 0.2 percent, helped by lower production costs due to the suspension of sports events. 

 

 



Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Categories: Fixed
Companies: Comcast / FCC / Sky
Countries: United Kingdom / United States
::: add a comment
This article is part of dossier

Coronavirus


Add comment

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.


Related

Bandwidth partners Comcast to reduce robocalling with STIR/SHAKEN call protocols

Published 05 Aug 2020 12:39 CET | United States
Bandwidth, a software company focused on communications for the enterprise, entered a partnership with Comcast for the delivery ...

Comcast Business, AWS offer businesses extended free trial of Amazon Chime

Published 05 Aug 2020 09:09 CET | United States
Comcast Business announced it's working with Amazon Web Services (AWS) to simplify sign-up and billing for Comcast Business ...

Weekly news summary: big FTTH plans, 3 new 5G networks, a shorter theatrical window, tech platforms under fire

Published 03 Aug 2020 10:41 CET | World
While the past week's news was rich in quarterly reports, there was also some important network news. A number of telcos ...

Nieuwsoverzicht week 31: grote FTTH-plannen, 3 nieuwe 5G-netwerken, een korter 'theatrical window', platforms onder vuur

Published 03 Aug 2020 09:59 CET | World
Afgelopen week mag rijk geweest zijn aan kwartaalrapporten, ons oog viel vooral op het netwerknieuws. Een aantal grote telco's ...

Comcast extends Xfinity offering helping university students stay connected

Published 25 Jun 2020 11:33 CET | United States
Comcast said it's extending an Xfinity Internet offering for university students that provides USD 150 Visa prepaid card to ...

Comcast announces USD 100 million, multi-year plan to tackle inequality

Published 09 Jun 2020 16:49 CET | United States
US telecoms and broadcasting group Comcast has announced a multi-year, USD 100 million plan to advance social justice and ...

Comcast Business releases new connectivity products for home workers

Published 02 Jun 2020 10:57 CET | United States
Comcast launched Comcast Business At Home, an in-home enterprise-grade connectivity offering separate from the residential ...

Comcast Q1 results fall as Covid-19 crisis hurts content, ad revenues

Published 30 Apr 2020 16:08 CET | United States
Comcast reported a fall in first-quarter results, as the coronavirus outbreak hurt revenues at its films division, theme parks ...

Comcast raises dividend 10% after solid growth in earnings, cash flow in 2019

Published 23 Jan 2020 13:42 CET | United States
Comcast has announced another 10 percent increase in its dividend, after reporting double-digit growth in underlying earnings and ...

NBCUniversal to start rolling out Peacock streaming service in April, including free version

Published 17 Jan 2020 09:25 CET | United States
The two Peacock premium tiers cost USD 4.99 per month with ads and USD 9.99 per month with no ads. Both come with more than ...

Comcast revenues, profit rise in Q3 despite continued cord-cutting

Published 24 Oct 2019 14:53 CET | United Kingdom
Comcast reported higher results for the third quarter but said it will keep its quarterly dividend at USD 0.21 per share. ...

Comcast to offer Xfinity Flex media box free to internet-only customers

Published 18 Sep 2019 16:12 CET | United States
Comcast is moving further away from its traditional cable TV business with a new offer for a free Xfinity Flex media player with ...





Calendar   /   Industry Events

06 Aug BCE Q2 2020
06 Aug Vonage Q2
06 Aug Adtran Q2
06 Aug Veon Q2 2020
06 Aug Switch Q2 2020
06 Aug T-Mobile US Q2 2020
06 Aug PCTel Q2 2020
06 Aug Deutsche Telekom Q2 2020
06 Aug Fortinet Q2
06 Aug NortonLifeLock fiscal Q1
06 Aug OTE Q2 2020
06 Aug Cincinnati Bell Q2 2020
06 Aug Cogent Communications Q2 2020
06 Aug Immersion Q2 2020
06 Aug Motorola Solutions Q2 2020
06 Aug Cable One Q2 2020
06 Aug MTN Q2 2020
06 Aug PCCW H1 2020
06 Aug Tucows Q2 2020
06 Aug Sierra Wireless Q2 2020
06 Aug Viasat fiscal Q1
06 Aug EchoStar Q2 2020
06 Aug FCC meeting
07 Aug O2 Czech Republic Q2 2020
07 Aug Starhub Q2 2020
07 Aug TDS, US Cellular Q2 2020
07 Aug Dish Network Q2 2020
10 Aug Avaya fiscal Q3
10 Aug Sohu Q2 2020
10 Aug ON Semiconductor Q2 2020
::: More Calendar Items