Comcast lost 144,000 internet subscribers — Channel NewsAsia

Comcast lost 144,000 broadband internet subscribers in the third quarter — more than analysts had forecast. According to FactSet, the market expected a decline of 116,800 users, while a year earlier the company lost 91,000 subscribers.

Channel NewsAsia, citing Reuters, reported the company’s results. Competition from AT&T and smaller fiber internet providers that are cutting prices is making it harder for Comcast to retain customers without substantial discounts.

Possible restructuring

According to reports, Comcast is planning significant staff cuts as part of a restructuring of its connectivity services business. At the same time, the company’s media assets, including studios, theme parks and the Peacock streaming service, are to be separated as part of the planned spin-off of NBCUniversal by mid-2027.

More current news is available on the UA.News Telegram channel Telegram.

Media segment performance

Comcast’s media division increased revenue by 13% in the third quarter to $5.36 billion. Growth was driven by programming related to the FIFA World Cup and the show Love Island USA on Peacock.

Peacock posted quarterly pre-tax profit of $261 million, compared with a loss of $217 million a year earlier. The film The Odyssey became the highest-grossing in Universal Studios’ history and helped increase the division’s pre-tax profit by 18.6%.

Meanwhile, revenue at NBCUniversal’s theme parks division fell 4.4% to $2.60 billion, below analysts’ average LSEG estimate of $2.71 billion. Comcast also reported adjusted earnings of $1.07 per share, while analysts expected 98 cents.