Comcast first-quarter broadband growth tops views, coronavirus hurts advertising
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Comcast Corp on Thursday reported its best quarter of broadband net additions in 12 years, but revenue fell shy of Wall Street’s estimate as the coronavirus pandemic hurt advertising.
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In the first quarter, Comcast gained 477,000 broadband subscribers, beating analysts’ average estimate of 364,000 net additions, according to research firm FactSet. Revenue from the business grew 9.3 percent to $5 billion.
Comcast experienced a spike in broadband use and a shift in usage patterns as schools and offices closed because of the coronavirus outbreak. The company has said its network has had enough capacity to manage those changes.
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Video losses in the first quarter were steeper than expected as the trend toward “cord-cutting” continues. Comcast lost 409,000 video customers, more than the 261,000 loss estimated by FactSet and more than the 149,000 video customers it lost in the fourth quarter.
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The company has been focused on attracting high-margin broadband customers to offset cord-cutting, as viewers who stream TV and film require a broadband connection to do so.