Comcast revenue grows 23.6% driven by internet business

Comcast reported 23.6 percent increase in its revenue to $26.9 billion in the second quarter of 2019.
Capital expenditures of Comcast rose 0.6 percent to $2.3 billion. Cable Communications’ Capex fell 9.8 percent to $1.6 billion. NBCUniversal’s Capex rose 2.7 percent to $473 million. Sky had capital expenditures of $177 million.

Philadelphia-based Comcast is adapting to changes in consumer behavior as more people drop their cable television subscriptions in favor of streaming services like Netflix, Reuters reported.

Comcast said it lost 224,000 video customers in the quarter, more than the 121,000 it lost in the preceding quarter.

Revenue for Cable Communications rose 3.9 percent to $14.5 billion, driven primarily by increases in high-speed internet, business services and wireless revenue.

Revenue from the high-speed internet business grew 9.4 percent to $4.66 billion as Comcast gained 209,000 subscribers as compared with 260,000 additions in the same period a year earlier.

Business services revenue grew 9.8 percent. Wireless revenue rose 21 percent, reflecting an increase in the number of customers. Video revenue fell 0.6 percent. Voice revenue dropped 1.1 percent, primarily due to a decrease in the number of residential voice customers.

Revenue for Sky decreased 3.3 percent to $4.8 billion in the second quarter of 2019.

Revenue for NBCUniversal decreased 0.8 percent to $8.2 billion.

Cable Networks revenue increased 2.5 percent to $2.9 billion, reflecting higher distribution and content licensing and other revenue.

Broadcast Television revenue increased 0.5 percent to $2.4 billion in the second quarter of 2019, reflecting increased distribution and other revenue, partially offset by a decrease in advertising and content licensing revenue.