Comcast on Thursday reported first quarter earnings and revenue that topped Wall Street targets but broadband and video subscriber losses came in higher than expected. Comcast stock fell on the news.
On an adjusted basis, Comcast earnings rose 4.5% to $1.09 in the quarter ending March 31. Revenue dipped 0.6% to $29.89 billion.
Analysts had predicted adjusted profit of 99 cents on revenue of $29.8 billion.
In addition, Comcast said it lost 427,000 video customers and 199,000 broadband subscribers. Analysts polled by FactSet had estimated video subscriber losses of 403,000 and broadband subscriber losses of 146,000.
In a bright spot, Comcast said it added 323,000 wireless subscribers. Analysts had estimated wireless subscriber additions of 297,000.
On the stock market today, Comcast stock fell 3.4% to 33.31 in early trading.
Heading into the Comcast earnings report, shares were down 7% in 2025.
Comcast Stock: Broadband Competition
Phone companies AT&T, T-Mobile US and Verizon Communications have expanded both wireless 5G broadband and fiber-optic network broadband services, pressuring Comcast and other cable TV firms.
Meanwhile, a slowdown in TV ad spending continues to impact NBCUniversal. But revenue growth at the theme parks business could improve with the opening of Epic Universe later this year.
Also, operating losses from the Peacock video streaming service have been trending lower.
Comcast announced plans in November to spin off a group of cable networks in 2025, led by USA Networks, CNBC, and MSNBC, into an unnamed company. Bravo was excluded.
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