COMCAST BLED 490,000 CABLE TV CUSTOMERS IN 3RD QUARTER!

By Peter Gleason

Philly-based Comcast, which owns Xfinity, the NBCUniversal media empire, and SkyTV, lost 490,000 cable-TV customers in the third quarter, better than analysts expected but part of an ongoing trend as consumers switch to streaming services such as Netflix.

It also lost 18,000 broadband subscribers in the quarter, with nearly net losses in residential customers. Analysts had predicted Comcast would instead gain 10,900 residential broadband customers. Shares closed down 8.4% Thursday.

“Growth has halted for Comcast — the largest U.S. broadband provider, with 32 million homes,” said Bloomberg Intelligence senior media analyst Geetha Ranganathan.

“The company derives 80% of profit from cable, where, even after a pandemic-demand surge, broadband has been hurt by fierce competition and low-move activity among customers.”

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