Comcast has reported second quarter revenue growth, driven by a rise in Xfinity Mobile subscribers and the opening of a new theme park in Orlando, writes Josie Reich for The Wall Street Journal.
Revenue increased by 2.1 percent compared to the same period last year, reaching $30.3 billion and surpassing analyst expectations. Adjusted profit also exceeded projections, declining 1.7 percent to $4.7 billion.
The Philadelphia company lost 226,000 broadband subscribers, fewer than the 255,700 analysts had forecast, and ended the quarter with 31.5 million broadband customers. Home-internet offerings from mobile-service providers continued to erode Comcast’s customer base, but simplified pricing plans and other retention efforts have begun to show signs of progress.
Video subscribers declined by 325,000 in the second quarter, bringing the total to 11.8 million, fewer than the 375,800 analysts had projected.
Comcast’s Xfinity Mobile added 378,000 wireless lines in the quarter, surpassing analyst expectations of a 344,600-line gain. It was the strongest quarterly growth on record for the business, bringing the total to 8.5 million domestic wireless lines.
Read more about Comcast and its second quarter revenue growth in The Wall Street Journal.
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