Comcast Q3 2024 financial result has indicated that it lost customers on its mobile and broadband network during the third-quarter.
Comcast said its revenue increased by 6.5 percent to $32.07 billion in Q3 2024 from the previous year.
Net income declined by 10.3 percent to $3.629 billion, with adjusted net income and adjusted EBITDA decreasing by 3.3 percent and 2.3 percent, respectively.
Comcast’s connectivity businesses saw revenue growth of 0.1 percent to $20.29 billion, driven by a 3.6 percent increase in average revenue per user (ARPU) for broadband.
Comcast reported an increase in broadband revenue of 2.7 percent to $6.5 billion, with the average revenue per broadband customer up by 3.6 percent. Wireless revenue rose 19.2 percent to $1,093 million. International Connectivity revenue grew 8.3 percent to $1.236 billion. Business Services Connectivity revenue rose 4.5 percent to $2,425 million due to an increase in revenue from medium-sized and enterprise customers.
Comcast says Connectivity & Platforms customers decreased by 29,000 to 51.7 million.
While domestic broadband customers decreased by 87,000, excluding the impact from the end of the FCC’s Affordable Connectivity Program (ACP), Comcast estimated a net addition of 9,000 broadband customers. Domestic wireless customers grew by 20 percent compared to last year, with 319,000 new wireless lines added.
Comcast’s broadcast of the Paris Summer Olympics was highly successful, driving double-digit growth in revenue and paid subscribers for Peacock and solidifying NBC’s #1 ranking for the 2023-2024 season.
Comcast released Despicable Me 4, which earned nearly $1 billion in box office sales. The company also announced that Universal’s Epic Universe theme park will open in Orlando in May 2025, marking a significant expansion in their theme park portfolio.
Comcast said Capital expenditures (Capex) were down 11.6 percent to $2.9 billion. Connectivity & Platforms business achieved 6.5 percent reduction in capital spending to $1.9 billion due to lower spending on scalable infrastructure and customer premise equipment.
Baburajan Kizhakedath
