Comcast Sees Broadband Growth Helped by Streaming Strategy

Comcast's ad-supported Peacock streaming service has close to 22 million sign-ups since its July launch, is starting to help with churn, and is playing a role in increased broadband subscriptions, CEO Brian Roberts said Thursday as Comcast announced Q3 financial results. It ended the quarter with 27.84 million broadband subscribers, up 1.8 million year over year, Comcast said. It said revenue for the quarter was $25.5 billion, down from $26.8 billion last year. Roberts said Comcast is focusing on a three-pronged strategy of broadband, streaming and aggregation or bundling of services. He said its Flex streaming service and platform for broadband-only subscribers now has more than 1 million monthly active users, which more than offsets the decline in the number of traditional pay-TV video subscribers for the past two quarters. Comcast said it ended the quarter with 19.2 million video subscribers, down 1.2 million year over year. Roberts said Comcast's theme park business is still hurting from the global pandemic but is expected at least break even in 2021. Chief Financial Officer Mike Cavanagh said Comcast has spent $239 million in COVID-19 pandemic-related restructuring and severance costs so far this year and expects to spend about $480 million more in Q4. Comcast said it ended the quarter with 2.6 million mobile subscriptions. It said the wireless business is being hurt somewhat by some retail stores remaining closed due to COVID-19, but the vast majority are now open. Comcast said it ended the quarter with 9.68 million residential voice customers, down 270,000 year over year.