PHILADELPHIA—Comcast beat earnings estimates in its Q1 2024 financial report, as streaming losses continued to decline and Peacock’s paid subscribers spiked by 55% from a year earlier to 34 million in the quarter.
Streaming losses also slightly declined. Its streaming service Peacock had $1.1 billion in revenue and an adjusted earnings before interest taxes depreciation and amortization [EBITDA] loss of $639 million compared to $685 million of revenue and an adjusted EBITDA loss of $704 million in the prior year period.
However, pay TV subscribers continued to decline at steep rates, with Comcast reporting 13,618,000 pay TV video subs in Q1, down 487,000 from the previous quarter and nearly 2 million below the 15,528,000 video subscribers it had a year ago in Q1 2023.
Broadband subscribers also fell by 136,000 from a year earlier and by 65,000 from the previous quarter to 32,188,000 at the end of Q1 2024.
Wireless subscribers, however, continued to grow rapidly, up 289,000 from the previous quarter and up by more than 1.2 million from a year earlier to 6,877,000 lines.
Overall the company posted $1.04 earnings per share adjusted, better than the $0.99 expected, CNBC reported, while Comcast’s revenue of $30.06 billion was higher than the $29.81 billion analysts expected.
