Thursday, October 28, 2021

Comcast adds 300K broadband subs as growth rate slows

Comcast reported Q3 revenue of $30.298 billion and earnings per share of $0.86. Cable Communications increased 7.4% to $16.1 billion in the third quarter of 2021, driven by increases in broadband, wireless, business services, video, other, and advertising revenue, partially offset by a decrease in voice revenue.

Some highlights:

  • Cable Communications total customer relationship net additions were 255,000 
  • Total broadband customer net additions were 300,000
  • Cable Communications Wireless Customer line net additions were 285,000
  • Capital expenditures for cable communications decreased 5.4% to $1.7 billion in the third quarter of 2021, primarily reflecting decreased investment in customer premise equipment, partially offset by increased investment in line extensions and scalable infrastructure. 

"I am pleased with our strong operating and financial results this quarter. Each of our businesses posted significant growth in Adjusted EBITDA, contributing to a double-digit increase in our Adjusted EPS. At Cable, our customer and financial metrics remained strong, highlighted by 10% growth in Adjusted EBITDA, the highest level of customer retention on record for a third quarter, and the most wireless net additions since the launch of Xfinity Mobile in 2017. Our results at NBCUniversal continue to be driven by the ongoing recovery at our domestic Theme Parks, as well as the success of our linear and streaming Media platforms. At Sky, our UK business maintained its momentum, delivering healthy growth in revenue, EBITDA, and customer relationships. Going forward, I am excited about the opportunity to continue to invest in our global technology platform and other businesses while returning more capital to shareholders. This strategy is reflected in our most recent product launches – XClass TV in the U.S. and Sky Glass in Europe – as well as the $2.7 billion we returned to shareholders through a combination of share repurchases and dividend payments," commented Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation.