Comcast video customers down 129,000 in 3Q 2013

Video revenue growth of 2.9% to $5.1Bn

PHILADELPHIA — Comcast Corporation (NASDAQ: CMCSA, CMCSK) today reported results for the quarter ended September 30, 2013.

Cable Communications

Revenue for Cable Communications increased 5.2% to $10.5 billion in the third quarter of 2013 compared to $10.0 billion in the third quarter of 2012, reflecting increases of 7.9% in high-speed Internet, 26.4% in business services and 2.9% in video, partially offset by a 10.8% decline in advertising primarily due to lower political advertising revenue. The increase in Cable revenue reflects rate adjustments, customers receiving higher levels of services and customer growth.

For the nine months ended September 30, 2013, Cable revenue increased 5.8% to $31.2 billion compared to $29.5 billion in 2012.

Combined Video, High-Speed Internet and Voice Customers increased by 337,000 in the third quarter of 2013, a 14.9% increase in net additions compared to third quarter 2012, driven by growth in high-speed Internet and voice customers, partially offset by video customer losses. As of September 30, 2013, video, high-speed Internet and voice customers totaled 52.4 million, an increase of 1.6 million or 3.2% over last year’s third quarter.

Video Trend

                                                            2012                    2013
                                  ------------------------------  ----------------------
                                      1Q      2Q      3Q      4Q      1Q      2Q      3Q
                                  ------  ------  ------  ------  ------  ------  ------
Customers(1)                      22,294  22,118  22,002  21,995  21,935  21,776  21,647
Penetration(2)                     42.3%   41.9%   41.5%   41.4%   41.2%   40.7%   40.3%
Net Additions (Losses)               -37    -176    -117      -7     -60    -159    -129
                
Advanced Services
Customers(3)                      11,105  11,172  11,273  11,479  12,027  12,078  12,149
Penetration of Video Customers     49.8%   50.5%   51.2%   52.2%   54.8%   55.5%   56.1%

1) Customer metrics include our residential and business customers.
2) Penetration is calculated by dividing the number of customers by the number of homes and businesses passed.
3) Advanced Services Customers subscribe to DVR and/or HDTV services. Full year 2012 amount includes an adjustment for an additional 276,000 Advanced Services Customers not previously reported.