Comcast reported better-than-expected earnings in its Q1 report, despite slowing growth in its residential broadband business and mounting losses in the Peacock streaming service.
The company posted revenue of $29.69B and earnings per share of $0.92, compared to the estimated $29.3B and $0.82, respectively.
Comcast's residential broadband user growth rate dropped, with the business acquiring just 3,000 new customers during Q1 and 21,000 fewer over the previous year.
- During the first quarter, Comcast also lost 614,000 cable TV subscribers, but the number of Xfinity mobile customers increased to 5.67 million.
- Peacock's subscriber base increased by 60% compared to the previous year, generating $685M in revenue, though the service still incurred $704M in losses.
- Today, Comcast's stock rose by 7% after they announced they had returned $3.2B to shareholders through a combination of dividends and share repurchases.
