U.S. consumers are cutting their cable TV cords in ever increasing numbers, but the country’s biggest cable provider is doing just fine.
Comcast may have lost 238,000 cable subscribers in the third quarter, but the telecom company posted earnings per share of 79 cents, a 16.2% percent increase over last year, while revenue rose 21.2% to $26.83 billion, exceeding Wall Street expectations. Shares rose by more than 2% in pre-market trading.
Investors cheered the company’s news, especially of its internet business: in the quarter, Comcast added 379,000 subscribers to its high-speed Xfinity internet service. Meanwhile the company’s entertainment arm, NBCUniversal saw revenue fall 3.5% to $8.
“Subscribers are in decline, everyone is losing subscribers and focused more on profitability,” says analyst Rich Greenfield, a founder of LightShed Partners. “Investors care about the opportunity to layer more services onto broadband, including Peacock.” Peacock will launch in April. It will be distributed by Xfinitiy and will be available to purchase separately. The streamer will launch with about 15,000 hours of content—50% more than rival AT&T’s HBO Max from WarnerMedia—and will be supported by both advertisements and subscriptions. and
Yeah, because they keep ripping me off. I have to pay an extra $50 a month just to go over their low artificially set data usage ceiling. You get fast bandwidth, but they set a low ceiling to how much. I can’t wait to leave them, but they currently have a monopoly in my area.
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