Comcast said its total revenue fell 4 percent to $29.691 billion as its Connectivity & Platforms sales dropped 1.8 percent to $20.153 billion during the first quarter of 2023.
Comcast has generated first-quarter revenue of $6.343 billion from broadband, $858 million from wireless and $7.382 billion from video units.
Comcast has 52.507 million (+82,000) customers at the end of March 2023.
Comcast has 32.324 million broadband customers; 5.668 million wireless customers and 15.528 million video customers in Q1 2023.
Total domestic broadband customer net additions were 5,000, total domestic wireless line net additions were 355,000 and total domestic video customer net losses were 614,000, Comcast said.
Comcast said capital expenditures rose 43.5 percent to $2.7 billion in Q1. Connectivity & Platforms’ capital expenditures grew 29.7 percent to $2.0 billion, primarily reflecting higher investment in scalable infrastructure and line extensions.
Content & Experiences’ capital expenditures increased $343 million to $651 million, reflecting increased investment in constructing the Epic Universe theme park in Orlando, which is scheduled to open in 2025, Comcast said.
Comcast said Domestic Broadband average rate per customer rose 4.5 percent and drove Domestic Broadband revenue growth of 4.8 percent to $6.3 billion.
Peacock paid subscribers in the U.S. increased more than 60 percent compared to the prior year period to 22 million. Peacock revenue increased 45 percent to $685 million.
“We had solid revenue growth in our high-margin connectivity businesses, while increasing our Peacock subscribers more than 60 percent year-over-year,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, in its earnings report.