Comcast loses more video subs, reports mixed earnings
Michelle Clancy | 31-10-2013
Comcast Corp has reported mixed financial results for the third quarter of 2013. The company's triple-play voice, video and data bundled offerings are still gaining market traction and the cable division's revenue was up. However, the company continues to lose video subscribers, and saw 129,000 of them walk away in Q3.
Overall, total revenue fell 2.4% to $16.15 billion, below analysts' estimates of $16.26 billion. Net income for the third quarter of 2013 was $1.73 billion, or 65 cents a share, compared with $2.11 billion, or 78 cents a share in the prior year's quarter.
But for the cable division, quarterly total revenue was $10.491 billion, up 5.2% year-over-year. Video revenues were $5.127 billion, up 2.9% from the prior-year quarter. Yet Comcast lost a net 129,000 of its 21.647 million video customers (down 1.6% year over year) compared with a net loss of 117,000 video customers in the prior year's quarter.
Advertising revenue came in at $541 million, down 10.8% from the year-ago quarter.
NBCUniversal earned $5.85 billion in revenue in the quarter, down 14.2% versus the Olympics-fuelled quarter last year, but up 3.9% without the Olympics. Broadcast TV revenue was $1.644 billion, down 41.1% year-over-year.
Comcast's cable channels continued to grow faster than its broadcast television division. Cable networks revenue was $2.239 billion, up 4% year-over-year.
Filmed entertainment revenue was another bright spot at $1.4 billion, up 3.3% year-over-year, mostly thanks to Despicable Me 2.