Comcast’s steep broadband subscriber tab taking the gloss of strong studiosis

On By Littum

By Harshita Mary Varghese

(Reuters) -Comcast reported a steep decline in broadband subscribers in the fourth quarter Thursday on Thursday competition for telecommunications companies that have collected 5G mobile services with internet plans that sent its shares approx. 11% lower.

The broadband subscriber losses overshadowed the optimistic results of the telecommunications and media giant and the announcement of a $ 15 billion repurchase program.

Comcast lost 139,000 broadband customers in the quarter, higher than Factset estimates of a 91,000 loss, as it was also injured by Hurricanes Milton and Helene, who disturbed Florida companies during the quarter.

The company is planning to introduce new pricing for upgraded markets in the coming months that bundle wireless and internet, Comcast President Mike Cavanagh said in earnings after conference call.

Comcast adopts a strategy similar to the wireless carriers such as AT&T and Verizon aimed at increasing their market share by attracting customers with reduced premium plans that bundle 5G mobile services with high-speed internet.

“Comcast and its cable -peers have a dramatic advantage of being able to offer a converged solution everywhere,” said Moffettnathanson analyst Craig Moffett.

However, the company’s quarterly results were strong, helped by its study business. Its total revenue rose 2.1% to $ 31.92 billion and beat estimates of $ 31.64 billion, according to LSEG data.

Its adjusted surplus of 96 cents per Share also topped estimates with 10 cents.

“Wicked”, a movie customization of Broadway -Prequel to “The Wizard of Oz”, was Universal Pictures’ biggest bross in the quarter. It earned approx. $ 700 million at the global ticket office and helped drive an almost 7% increase in Comcast’s study revenue.

Peacock’s revenue increased 27.8% thanks to price increases made last year prior to the Olympics.

Comcast plans to remove its most important profit drivers such as studio and amusement parks -business from the falling cable -tv unit by spinning the choice of NBCuniversal cable network.

Its cable TV network lost 311,000 users due to cord cut of consumers who switched to streaming.

(Reporting Harshita Mary Varghese in Bengaluru; Editing Leroy Leo)