Comcast posted revenue of $21 billion (–1.6 percent), net income of $2.7 billion (+18.5 percent) and EBITDA of $7.2 billion (+5 percent) in Q3 2017.
Comcast generated revenue of $13.2 billion (+5.1 percent) from cable communications, $2.6 billion (–11.5 percent) from cable networks and the balance from broadcasting media business NBCUniversal in Q3.
“Adjusted EBITDA increased 5 percent despite the impact of the severe storms that affected our operations this year and the uneven comparison due to the Rio Olympics last year,” Comcast CEO Brian L Roberts said.
Comcast said capital expenditures (Capex) increased 1.2 percent to $2.4 billion.
Cable Communications’ Capex rose 0.8 percent to $2.1 billion, reflecting a higher level of investment in infrastructure to increase network capacity, investment in line extensions, and increased spending on support capital, partially offset by a decrease in spending on customer premise equipment.
Capex of Cable represented 15.6 percent of Cable revenue in the third quarter of 2017 compared to 16.3 percent in last year’s third quarter.
NBCUniversal’s Capex of $354 million increased 5.4 percent, reflecting the timing of real estate and infrastructure spending as well as continued investment at Theme Parks.
Revenue for Cable Communications grew 5.1 percent to $13.2 billion, driven primarily by increases in high-speed Internet, video and business services revenue. High-speed Internet revenue rose 8.9 percent, driven by an increase in the number of residential high-speed Internet customers and rate adjustments.
Comcast’s Q3 video revenue increased 4.2 percent, primarily reflecting rate adjustments, as well as additional revenue associated with a boxing event available on pay-per-view and an increase in the number of customers subscribing to additional services.
Business services revenue rose 12.6 percent, primarily due to increases in the number of customers receiving our small and medium-sized business services offerings. Advertising revenue decreased 13.2 percent, primarily reflecting a decrease in political advertising revenue.
Comcast added 115,000 new customers to reach a customer base of 29.1 million in the third quarter of 2017. Residential customer relationships increased by 83,000 and business customer relationships increased by 31,000. Penetration of double, triple and quad product residential customers was 70.1 percent.
Comcast lost 125,000 video customers. It added 214,000 high-speed Internet customers. It lost 94,000 voice customers.
EBITDA for Cable Communications rose 5.2 percent to $5.2 billion, reflecting revenue, partially offset by a 5.1 percent increase in operating expenses, and including the negative impact of two hurricanes that affected service areas.
Comcast said Cable Networks revenue grew 11.5 percent to $2.6 billion, reflecting lower distribution and advertising revenue, partially offset by higher content licensing and other revenue.