Constitution, Comcast see cellular development

Comcast will increase wi-fi revenues greater than 13% YoY

Cable firms Comcast and Constitution Communications each reported quarterly earnings during which cellular development was a vivid spot amid buyer losses in different areas of their companies.

Comcast beat analysts’ expectations on its first-quarter revenue efficiency. The cable MSO scored cellular internet additions of 289,000 within the first quarter of 2024, and its home wi-fi revenues grew greater than 13% to $972 million for the quarter. Comcast’s wi-fi buyer base is now at 6.9 million.

The corporate’s consolidated revenues have been up 1.2% in comparison with the primary quarter of 2023, with internet revenue up 0.6% to $3.86 billion.

“Our crew is constant to execute exceptionally nicely in a dynamic and aggressive market,” mentioned Brian Roberts, chairman and CEO of Comcast. He went on to added that the corporate grew its broadband ARPU greater than 4% and noticed 7% income development in its connectivity companies. “Total, I’m happy with our skill to persistently carry out on the highest ranges and proceed to place the corporate for long-term development,” Roberts added.

The corporate reported a lack of 65,000 home broadband subscribers in comparison with the primary quarter of final yr, and it noticed complete home video buyer internet losses of 487,000. Total, attributable to losses in different areas, Comcast’s complete buyer relationships in its Connectivity and Platforms unit dipped by 166,000 regardless of the expansion in cellular.

In the meantime, Comcast’s capital expenditures dropped 1.3% to $2.6 billion within the quarter, with its Connectivity and Platforms capex reducing 3.8% to $1.9 billion—which the corporate mentioned was attributable to decrease spending on buyer premise gear, infrastructure and assist capital.

Comcast’s Peacock streaming service additionally noticed robust development, with paid Peacock subscriber up 55% in comparison with the identical interval final yr and internet additions of three million in the course of the first quarter. Comcast mentioned that its Peacock income was up 54% year-on-year to $1.1 billion for the quarter.

Cellular traces leap at Constitution Communications

Constitution Communications reported that its web buyer base shrink by 72,000 in comparison with the primary quarter of final yr, however cellular traces elevated by 486,000. Constitution served 8.3 million cellular traces as of the top of the primary quarter of 2024, and a residential and small-and-medium-business web buyer base of 30.5 million.

The corporate’s first-quarter income was $13.7 million, up simply 0.2% year-over-year and pushed by the corporate’s residential cellular service development, which got here in at 37.8%. Comparatively, Constitution’s residential web income grew just one.9%.

Web revenue was $1.1 billion, up barely from $1.1 billion within the year-ago quarter, and Constitution additionally famous that its free money movement for the quarter dropped considerably—from $664 million within the year-ago quarter to $358 million—attributable to its community investments and a one-time settlement cost in the course of the quarter. First quarter capital expenditures have been $2.8 billion, together with $1 billion in line extensions.

Constitution is on plan to evolve its community at a decrease price than its opponents to supply symmetrical and multi-gigabit speeds throughout its complete footprint. Constitution’s Superior WiFi, a managed WiFi service that gives prospects an optimized dwelling community whereas offering better management of their related units with enhanced safety and privateness is obtainable to all Spectrum Web prospects.

Residential video prospects decreased by 392,000 within the first quarter of 2024, in comparison with a decline of 237,000 within the first quarter of 2023. As of March 31, 2024, Constitution had 13.1 million residential video prospects.