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In a recent report, Comcast beat first-quarter earnings expectations, driven by strong revenue in their broadband segment. Despite a slight decrease in customer numbers, the company’s revenue grew by 1.2% compared to the same period last year.
Comcast’s struggles in the broadband market have been attributed to a slowdown in the housing market, as well as increased competition from wireless companies like T-Mobile and Verizon. To address these challenges, Comcast recently launched a new low-cost internet and phone plan program called NOW, in addition to their existing Internet Essentials program for low-income customers.
In addition to their broadband segment, Comcast also saw success in their wireless business, with a 21% increase in customers during the quarter. However, the company lost 487,000 cable TV customers as consumers continue to shift towards streaming services.
On the entertainment front, Comcast’s theme parks and media businesses saw some declines in earnings, but the company remains optimistic about long-term growth opportunities. Universal Pictures’ film slate, including hits like “Oppenheimer” and “The Holdovers,” has been a strong point for the company, leading to increased subscription numbers on their streaming platform, Peacock.
Speaking of Peacock, the platform added three million paid subscribers during the quarter, with exclusive content like “Oppenheimer” driving engagement and retention. Despite losses stemming from Peacock, Comcast expects to see improvement in the upcoming quarters, especially with the Olympics in Paris this summer driving growth for the streaming service.
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