Comcast revenue surges 21.2% to $26.83 bn in third quarter

Comcast said its revenue rose 21.2 percent to $26.83 billion during the third quarter of 2019.
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Net income attributable to Comcast rose to $3.22 billion, or 70 cents per share, from $2.89 billion, or 62 cents per share, a year earlier.

“Four things stood out as wrapped up the quarter: our incredible strength in broadband, the enduring popularity of our premium content, our strong global footing just one year after the Sky acquisition; and how the combination of these things puts us in a unique position to compete, including in the streaming market,” said Comcast CEO Brian Roberts.

Revenue from the company’s high-speed internet business grew 9.3 percent to $4.72 billion with the gain of 379,000 subscribers in the quarter.

Comcast’s results also reflected the widespread “cord-cutting” across the cable business. The company lost 238,000 video customers in the three months ended Sept 30, higher than the 224,000 it lost in the previous quarter.

In September Comcast announced it will offer Xfinity Flex, its streaming media set top box, and a voice remote for free to its U.S. internet-only customers. It previously charged those customers $5 per month for the service and remote. The product is meant to make it easier for subscribers of multiple streaming services to find shows.

The company’s NBCUniversal business, which includes NBC Entertainment and Universal Pictures, reported revenue of $8.30 billion, down 3.5 percent from a year earlier.

Pay-TV group Sky, which Comcast acquired after outbidding Twenty-First Century Fox last year, generated revenue of $4.55 billion.