Comcast Q2 down 12%; 10m Peacock sign-ups

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Media conglomerate Comcast has reported Q2 revenue declined 11.7 per cent year-over-year to $23.7 billion (€18.2bn) as it weathered the Covid-19 pandemic. Adjusted net income dropped 12.2 per cent to $3.17 billion.

Brian L. Roberts, Chairman and CEO of Comcast, commented: “Our response to Covid-19 has been extraordinarily fast and effective, and our products and brands continue to resonate strongly with our customers across all segments and all geographies. The solid results that we delivered in the quarter highlight the resilience of our company. Cable delivered record second quarter customer relationship net adds, driven by the best second quarter high-speed internet net adds in 13 years. NBCUniversal successfully launched Peacock in Cable’s footprint in April, ahead of the streaming service’s US nationwide launch earlier this month, with 10 million sign-ups to date. NBCUniversal also just recently announced a deal with AMC Theatres in the US that allows Universal to release titles across PVoD platforms after a 17-day exclusive theatrical window.”

“I could not be more proud of how our teams across Comcast Cable, NBCUniversal and Sky are together managing the business,” Roberts added.

2nd Quarter 2020 Highlights:

  • Generated Consolidated Adjusted EBITDA of $7.9 Billion, Adjusted EPS of $0.69 and Free Cash Flow of $6 Billion
  • Cable Communications Total Customer Relationships Increased by 217,000 in the Quarter, the Best Second Quarter Result on Record
  • Total High-Speed Internet Customer Net Additions Were 323,000 (Not Including Over 600,000 Additional High-Risk or Free Internet Essentials Customers That Still Receive Our Service, But Were Not Included in Reported Results), the Best Second Quarter Result in 13 Years
  • Cable Communications Adjusted EBITDA Increased 5.5 per cent Driven by Strength in High-Speed Internet
  • Cable Communications Extended Its Offer of 60 Days of Free Internet Service to Eligible New Internet Essentials Customers and Free Access to Public Xfinity WiFi Hotspots Through Year-End
  • Successfully Launched Peacock, NBCUniversal’s New Highly Anticipated Streaming Service, Free to Xfinity X1 and Flex Customers on April 15, Ahead of National Debut on July 15, With 10 Million Sign-Ups to Date
  • NBCUniversal Re-Opened Universal Orlando Resort and Universal Studios Japan After Temporary Closures Due to COVID-19
  • Sky Successfully Retained 99 per cent of Total Customers and 95 per cent of Sports Subscribers Since the Crisis Began

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