Comcast Loses More Basic Subscribers
Cable TV Operators Loses 65,000 Basic Video Customers During Third Quarter
By Steve Donohue -- Multichannel News, 10/25/2007 1:12:00 AM
Comcast said it lost 65,000 basic video subscribers during the third quarter, compared to growth of 11,000 basic customers during the same period last years.
Year to date, Comcast said it has lost 86,000 basic subscribers through Sept. 30, compared to a decrease of 29,000 during the first nine months of 2006.
The numbers suggest that Verizon, which markets FiOS TV in several Comcast markets, is having an impact on the nation’s largest cable TV operator.
Comcast also added 1.4 million revenue generating units during the third quarter, down from the total 1.5 million new cable, telephone and Internet customers it added during the third quarter of 2006.
The good news: Comcast said revenue increased 11% during the third quarter to $7.4 billion. Cable revenue increased 12% to $21.9 billion for the nine months ended September 30, 2007 as compared to $19.6 billion in 2006.
Comcast is looking to boost investor confidence in the company by increasing its stock repurchase program. The company said Thursday morning that its board authorized a $7 billion increase to its stock repurchase program, bringing the total available to $8.2 billion.
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