PHILADELPHIA—Comcast continued to hemorrhage pay TV subs, but reported better than expected earnings and saw strong growth in its streaming operations in Q2 2023 with Peacock nearly doubling its subscriber count year-over-year to 24 million.
Despite the pay TV sub losses and growing losses from streaming, the stock rose on better than expected earnings of $1.13 per share.
In addition to the rapid sub growth at Peacock, revenue from the streaming operations increased by 85% year-over-year to $820 million of revenue but Peacock had an adjusted EBITDA8 loss of $651 million in Q2 2023. That compared to $444 million of revenue and an Adjusted EBITDA8 loss of $467 million Q2 2023.
Comcast reported a slight decline of 19,000 broadband subs to 32.305 million subs while domestic pay TV declined by 543,000 to 14.985 million. That represents a dramatic loss in video subs from Q2 2022 when the company had 17.144 million subs.
Overall, its total customer base declined by 228,000 to 52.28 million.
