Comcast Expects Accelerated Video Sub Losses in 2020

Video remains a valuable service, but Comcast is "not chasing this segment of the market" and expects increased video subscriber losses this year due to rate hikes and ongoing cord cutting, Chief Financial Officer Michael Cavanagh said on the company's Q4 call Thursday. The company ended 2019 with 20.29 million residential video customers, down 671,000 year over year. It ended the year with 26.4 million residential broadband customers, up 1.3 million, 9.9 million residential voice customers, down 220,000, and with 2 million wireless lines, up 816,000. Cavanaugh anticipates wireless subscriber growth rates to continue this year. CEO Brian Roberts said it was the best year for broadband net additions in 12 years. He said the company ran out of its Flex set-top boxes for its Flex streaming platform (see 1903210038) in its first month. Comcast said revenue was $28.4 billion, flat on a pro forma basis. Comcast bought Sky in Q4 2018.