Comcast Continues Video Growth

Cable division adds 42K video customers in Q1
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Comcast continued its string of video customer increases, adding 42,000 residential and business video customers in the first quarter, its third straight quarter of basic video growth.

Comcast ended the period with 22.5 million total video customers, fueled by an increase of 32,000 video subscribers on the residential side and 10,000 business video additions.

Related: Broadcast, Cable Boost NBCU's First-Quarter Earnings

The growth was still slightly behind the 53,000 total video additions in the same period last year, but indicated that the momentum of last year hasn’t waned significantly. Last year Comcast reported its first full year of basic video customer growth in a decade, adding a total of 161,000 video subscribers.

High-speed data customers increased by 429,000 in the period, slightly behind the 438,000 in Q1 2016. Total voice customers declined by 5,000 in the period, as a 22,000 increase on the business side was not enough to offset a loss of 27,000 residential voice customers.

Overall revenue was up 8.9% to $20.5 billion and cash flow rose 10.4% to $7.03 billion. Cable revenue rose 5.8% to $12.9 billion while cash flow at the unit increased 6.3% to $5.2 billion.

"2017 is off to the fastest start in five years. We are reporting outstanding growth at Cable and particularly NBCUniversal, which delivered 14.7% revenue growth and 24.4% Adjusted EBITDA growth,” Comcast chairman and CEO Brian Roberts said in a statement. “These impressive results were fueled by exceptionally strong film performance, increased affiliate and retransmission revenues at our TV businesses, and continued growth in Theme Parks.

"Cable operations had a terrific quarter, driven by strength in high-speed Internet and business services revenue growth, as well as positive video, all highlighted by overall customer relationship net additions of 297,000, a 10% increase compared to last year," Roberts continued. "These results were balanced with financial discipline, which contributed to solid revenue and Adjusted EBITDA growth. The transition from Neil Smit to Dave Watson has gotten off to a very successful and seamless start, and with our teams executing well across all of Comcast NBCUniversal, I am excited about our momentum headed into the rest of 2017 and beyond."