Comcast Corporation reported that its revenue rose 2 percent to $28.4 billion in Q4 and 15.3 percent to $109 billion in 2019.
Adjusted EBITDA increased 3 percent to $8.4 billion in Q4 and 13.6 percent to $34.3 billion in 2019.
Comcast said capital expenditures (Capex) fell 2.5 percent to $3.1 billion in the fourth quarter of 2019. Cable Communications’ Capex dropped 7.8 percent to $2.1 billion. NBCUniversal’s Capex increased 7.6 percent to $641 million. Sky had capital expenditures of $228 million in Q4.
Annual Capex of Comcast rose 1.8 percent to $10 billion in twelve months ended December 31, 2019. Cable Communications’ capex dipped 10.5 percent to $6.9 billion. NBCUniversal’s capex expenditures increased 19.7 percent to $2.1 billion. Sky had capital expenditures of $768 million in 2019.
Cable Communications customer base increased by 1.1 million, while high-speed Internet customers rose by 1.4 million in Q4 2019.
Cable Communications business added 372,000 customers, while Comcast added 442,000 high-speed Internet customers.
Sky customer base increased 1.7 percent to 24 million in 2019, including net additions of 77,000 in the fourth quarter.
Comcast performance in Q4
Revenue for Cable Communications rose 2.6 percent to $14.8 billion in Q4 2019, driven by increase in high-speed internet, business services and wireless revenue.
High-speed internet revenue grew 8.8 percent to $4,791 million, driven by an increase in number of residential high-speed internet customers and rate adjustments.
Business services revenue rose 8.8 percent to $2,000 million, due to an increase in the number of customers receiving services and an increase in average rates.
Wireless revenue increased 39.4 percent to $372 million, primarily reflecting an increase in the number of customer lines.
Comcast video revenue decreased 1.2 percent to $5,507 million, reflecting a drop in the number of residential video customers, partially offset by rate adjustments.
Voice revenue decreased 3.6 percent to $944 million, primarily due to a decrease in the number of residential voice customers.
Total Customer Relationships increased by 372,000 to 31.5 million in Q4 2019. Residential customer relationships increased by 352,000 and business customers increased by 20,000. High-speed internet customer net additions were 442,000, video customer net losses were 149,000, voice customer net losses were 2,000 and total security and automation customer net additions were 10,000. Cable Communications also added 261,000 wireless lines in the quarter.
Cable Networks revenue increased 1.2 percent to $2.9 billion in Q4 2019, primarily reflecting higher advertising and content licensing and other revenue. Advertising revenue increased 2.0 percent, reflecting higher rates.