Comcast Q2 2022 Results

NBCUniversal is launching its new Peacock streaming service.

Todd Williamson | Peacock | NBCUniversal | Getty Images

Comcast announced second-quarter revenue and profit that beat analysts’ estimates, but the cable company did not add broadband customers in a quarter for the first time.

Comcast’s broadband Internet customers in the quarter were flat, behind analysts’ average estimate of 84,000, according to FactSet. Revenue rose 5.1% to $30.02 billion from a year earlier, helped by NBCUniversal’s theme parks and studios. Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, rose 10.1% to $9.8 billion.

Comcast shares fell more than 5% in premarket trading.

Comcast is seeing increasing competition for broadband broadband, its most lucrative product. For more than a decade, the cable industry dominated the home broadband market, but wireless companies like T-Mobile are now competing by offering 5G home internet products. T-Mobile added 560,000 broadband users in the second quarterwell above its first quarter total of 338,000.

Here are the key numbers:

  • Earnings per share: $1.01, adjusted from an estimate of 92 cents, according to Refinitiv
  • Revenue: $30.02 billion vs an estimate of $29.68 billion, according to Refinitiv
  • Broadband Internet customers: 0 vs. 84,000 net adds, according to the average estimate of analysts polled by FactSet.

Comcast CEO Brian Roberts in a statement called the drop temporary as macroeconomic conditions such as higher inflation limit the number of new connections for the company. Broadband revenue grew 6.8% year-over-year to $6.1 billion in the quarter on the back of higher rates and a higher number of residential customers than a year earlier.

“We achieved our highest ever Adjusted EBITDA margin, even in a unique and changing macroeconomic environment that is temporarily putting pressure on the volume of our new connected customers,” Roberts said.

Since March 2020, Comcast has added over 3 million broadband customers.

Video customers drop

Comcast lost 521,000 video customers in the quarter and lost 1 million video subscribers in the first six months of 2022. Consumers are ditching traditional pay-TV subscriptions at accelerated rates in favor of streaming options, such as Netflix, Disney+, HBO Max, and NBCUniversal’s Peacock.

Brian Roberts, Chairman and CEO of Comcast

David A Grogan | CNBC

Voice customers fell by 286,000 in the quarter, although wireless subscribers jumped by 317,000. Wireless revenue rose nearly 30% year-over-year to 722 million dollars. Business services increased 10% to $2.4 billion.


NBCUniversal’s revenue rose 18.7% in the quarter to $9.4 billion. NBCUniversal’s adjusted EBITDA increased 19.5% to $1.9 billion.

Studio revenue rose more than 33% to $3 billion, thanks to “Jurassic World: Dominion,” which topped $900 million in worldwide box office sales.

Universal’s theme park business continued to recover from last year’s pandemic downturn. Revenue jumped about 65% to $1.8 billion. Adjusted EBITDA increased 187% to $632 million, the highest EBITDA ever for the parks division for a second quarter.

Peacock’s paid subscribers held steady at 13 million after a gain of 4 million in the last quarter. Comcast said it expects “Jurassic World: Dominion,” along with two films hitting theaters in the third quarter — “Minions: The Rise of Gru” and Jordan Peele’s “Nope” — to help boost Peacock subscribers when they come to the streaming service after their box office windows expire. “Sunday Night Football” and the World Cup, which begins Nov. 21, should also help boost Peacock’s subscriber base later this year, Comcast said.

Here’s how Comcast’s divisions fared for the quarter compared to a year earlier:

  • Cable Communications generated $16.6 billion in revenue, up 3.7% year-over-year
  • Media generated $5.3 billion in revenue, up 3.6%
  • Studios generated $3 billion in revenue, up 33.3%
  • Theme parks generated $1.8 billion in revenue, up 64.8%
  • Sky contributed $4.5 billion in revenue, down 13.8%

Disclosure: Comcast is the parent company of NBCUniversal, which includes CNBC.

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