Comcast Posts 543,000 Q2 Pay-TV Sub Loss as Offsetting Broadband Customer Gains Disappear

Comcast Posts 543,000 Q2 Pay-TV Sub Loss as Offsetting Broadband Customer Gains Disappear

Comcast Cable reported a loss of 20,000 residential broadband subscribers in the second quarter (ended June 30), compared to a loss of 10,000 high-speed internet subs in the same period a year ago. The company ended the quarter with 29.8 million high-speed residential customers, the largest ISP provider in the country.

Comcast has always relied on broadband — the lifeline to streaming and digital distribution — to justify ongoing secular declines in linear television and pay-TV. That trend has slowly come to an end over the past several quarters.

While the company added 3,000 broadband subs in the first quarter (ended March 31), that paled in comparison to the 253,000 net additions in Q1 2022.

Comcast president Mike Cavanagh would rather focus on the 4.5% increase in average revenue per broadband subscriber, which helped drive broadband revenue up 4.4% to $6.37 billion.

“We’re the largest broadband provider … and we can effectively compete in wireless with a strong value-proposition to customers,” Cavanagh said on the fiscal call, adding that broadband features that include cloud-based X1 and Flex platforms.

“[This is] how we have been able to achieve near record levels of low churn, and grow ARPU consistently quarter after quarter,” he said.

Meanwhile, the nation’s No. 1 cable TV operator continues to hemorrhage legacy pay-TV subscribers — falling below 15 million subs for the first time. Comcast saw Q2 subscriber losses increase 4% to 543,000 from a loss of 521,000 subs in the prior-year period. The company ended the period with 14.98 million subs, down from 17.14 million subs last year, which represented a subscriber loss of more than 2 million over the past 12 months.

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