Comcast cable video subscribers down 399,000 in 2Q 2021

PHILADELPHIA — Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended June 30, 2021.

Cable Communications

Total Customer Relationships increased by 294,000 to 33.8 million in the second quarter of 2021. Residential customer relationships increased by 277,000 and business customer relationships increased by 17,000. Total broadband customer net additions were 354,000, total video customer net losses were 399,000 and total voice customer net losses were 108,000. In addition, Cable Communications added 280,000 wireless lines in the quarter.

Video Customers (thousands):

                                                                  2019
                              ----------------------------------------
                                  1Q      2Q      3Q      4Q        FY
                              ------  ------  ------  ------  --------
Total                         21,865  21,641  21,403  21,254
Net Additions (losses)         (121)   (224)   (238)   (149)     (733)

                                                                  2020
                              ----------------------------------------
                                  1Q      2Q      3Q      4Q        FY
                              ------  ------  ------  ------  --------
Total                         20,845  20,367  20,094  19,846
Net Additions (losses)         (409)   (477)   (273)   (248)   (1,408)

                                                                  2021
                              ----------------------------------------
                                  1Q      2Q      3Q      4Q        FY
                              ------  ------  ------  ------  --------
Total                         19,355  18,956
Net Additions (losses)         (491)   (399)

NBCUniversal – Media

Media results for the second quarter of 2021 include $122 million of revenue and an Adjusted EBITDA loss of $363 million related to Peacock, compared to $6 million of revenue and an Adjusted EBITDA loss of $117 million in the prior year period.

For the six months ended June 30, 2021, Media results include $213 million of revenue and an Adjusted EBITDA loss of $640 million related to Peacock, compared to $6 million of revenue and an Adjusted EBITDA loss of $176 million in 2020.

Sky

• Customer relationships grew in the U.K.; customer losses in Italy and Germany due to the end of the football season

Total Customer Relationships* decreased by 248,000 to 23.2 million in the second quarter of 2021. For the six months ended June 30, 2021, total customer relationships decreased by 26,000.

                                                                    2019
                                  --------------------------------------
                                      1Q      2Q      3Q      4Q      FY
                                  ------  ------  ------  ------  ------
Customer relationships            22,998  23,302  23,203  23,280  23,280
Net additions (losses)               112     304     -99      77     394
Average Revenue per relationship  $55.71  $55.98  $54.39  $57.68  $56.09

                                                                    2020
                                  --------------------------------------
                                      1Q      2Q      3Q      4Q      FY
                                  ------  ------  ------  ------  ------
Customer relationships            23,216  23,002  22,981  23,224  23,224
Net additions (losses)               -65    -214     -21     244     -56
Average Revenue per relationship  $52.76  $50.82  $57.17  $58.83  $54.56

                                                                    2021
                                  --------------------------------------
                                      1Q      2Q      3Q      4Q      FY
                                  ------  ------  ------  ------  ------
Customer relationships            23,446  23,198
Net additions (losses)               221    -248
Average Revenue per relationship  $58.06  $60.35

* Customer relationships represent the number of residential customers that subscribe to at least one of Sky’s four primary services of video, broadband, voice and wireless phone service. Sky reports commercial customers, including hotels, bars, workplaces and restaurants, generally based on the number of locations receiving our services. In the first quarter of 2021, we implemented conforming changes to our methodology for counting commercial customers in Italy and Germany, which are now counted as described above, consistent with customers in the United Kingdom. Previously these customers were counted based on a residential equivalent unit in Italy and the number of active venues or rooms in Germany. This change resulted in a reduction in Sky’s total customer relationships of 714,000 as of December 31, 2020. The impact of the change in methodology to customer relationship net additions for any period was not material. For comparative purposes, we have updated Sky’s historical total customer relationships and average monthly direct-to-consumer revenue per customer relationship to reflect this adjustment.