Comcast beats expectations even as broadband growth slows, Peacock racks up losses
Summary
Comcast on Thursday reported fourth-quarter earnings that topped analyst expectations despite persistent softness in broadband subscriber growth and mounting losses from its streaming service, Peacock. Comcast said it lost 26,000 total broadband customers during the period, particularly due to the impact of service interruptions from Hurricane Ian, which struck Florida and South Carolina in September. The slowdown in subscriber growth has been hitting the cornerstone business of cable companies like Comcast and Charter Communications in recent quarters as they face heightened competition from telecom and wireless providers. Still, Comcasts broadband subscriber base has remained stable and revenue for the segment increased nearly 6% during the quarter due in part to price hikes. Comcasts Xfinity Mobile continued to grow with 365,000 net additions in the quarter, bringing its total wireless customer count to more than 5.3 million.