Comcast Reports Second Quarter 2008 Results
Wednesday, July 30th, 2008PHILADELPHIA — Comcast Corporation (Nasdaq: CMCSA, CMCSK) today reported results for the quarter ended June 30, 2008.
Video
- Basic video subscribers declined 138,000 or 0.6% during the second quarter.
- Added 320,000 digital cable subscribers during the second quarter – 67% or 16.3 million video subscribers have digital service.
- 7.0 million or 43% of digital cable subscribers have advanced services such as digital video recorders (DVR) and/or high-definition television service (HDTV).
Video revenue increased 3% to $4.7 billion in the second quarter of 2008 from $4.6 billion in 2007. The revenue increase reflects price increases for video services and growth in digital video customers, offset in part by an increasing number of customers in bundles and promotional offers, as well as a decline in basic video customers.
Basic cable subscribers decreased by 138,000 to 24.6 million during the seasonally-weak second quarter. This compares to a 101,000 subscriber decline in the second quarter of 2007. Year to date through June 30, 2008, basic subscribers decreased 195,000.
Comcast added 320,000 digital cable customers in the second quarter of 2008, below the 823,000 digital cable customers added in the same period one year ago. This deceleration was anticipated and reflects the significant deployment of digital boxes in the second quarter of 2007 in advance of a July 1st regulatory deadline. Year to date through June 30, 2008, Comcast added 814,000 digital cable customers. PPV revenue decreased 3% in the second quarter of 2008 primarily reflecting the absence of 2 major live events that contributed approximately $33 million to last year’s second quarter. In the six months ended June 30, 2008, PPV revenue grew 9% compared to the same period in 2007.
Video 2Q08 1Q08 2Q07 ------ ------ ------ Homes Passed (000's) 50,096 49,902 49,232 Basic Subscribers (000's) 24,553 24,691 24,904 Basic Penetration 49.0% 49.5% 50.6% Quarterly Net Basic Subscriber Additions (000's) (138) (57) (101) Digital Subscribers (000's) 16,335 16,015 14,489 Digital Penetration 66.5% 64.9% 58.2% Quarterly Net Digital Subscriber Additions (000's) 320 494 823 Digital Set-Top Boxes 26,345 25,856 23,185 Monthly Average Video Revenue per Basic Subscriber $63.98 $63.46 $61.40
More: Earnings Release
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