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Comcast loses 543,000 video customers during Q2

Paid subscribers to streamer Peacock climbs to 24 million.

Paid subscribers to streamer Peacock climbs to 24 million.

The Xfinity X1 platform powers Comcast's video set-top boxes as well as the streaming TV device called Flex. (Courtesy image)
The Xfinity X1 platform powers Comcast’s video set-top boxes as well as the streaming TV device called Flex. (Courtesy image)

The number of customers dropping Comcast’s traditional pay television service climbed during the company’s second financial quarter, with Xfinity TV losing 543,000 residential and business subscribers in the three-month period that ended June 30.

The figure was disclosed as part of the company’s Q2 financial earnings report released Thursday morning, which showed the number of broadband accounts also dipped by 19,000.

Comcast ended the quarter with 32.3 million broadband Internet customers and just under 15 million Xfinity TV accounts, the company reported. Steep losses in its consumer television and Internet business were partially offset by a slight uptick in new enterprise accounts, but not enough to keep the company from reporting a year-over-year decline in both segments.

Things went better for Comcast’s streaming television service, Peacock, which added around 2 million subscribers to end the quarter with 24 million paying customers. The company did not reveal how many of those subscribers are based in the United States, where Peacock first launched in April 2020, and how many customers are overseas.

For the quarter, Comcast said it earned $30.51 billion in revenue, slightly higher than the $30.13 billion predicted by Wall Street analysts. Earnings per share came in at $1.13, well north of analyst expectations of $0.97.

Comcast said its traditional pay television business earned $20.36 billion during the quarter. The video business sector includes Xfinity TV in the United States and Sky Group, which offers satellite and streaming television in the United Kingdom and parts of Europe.

Comcast also reported gains in its mobile telephone business, called Xfinity Mobile, which operates on Verizon’s 4G LTE and 5G network. Xfinity Mobile added more than 316,000 lines during the quarter, to end the three-month period with over 6 million customer lines.

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About the Author:

Matthew Keys

Matthew Keys is the publisher of The Desk and reports on the business and policy matters involving the broadcast television, streaming video and radio industries. He previously worked for Thomson Reuters, Disney-ABC, Tribune Broadcasting and McNaughton Newspapers. Matthew is based in Northern California, has won numerous awards in the field of journalism, and is a member of IRE (Investigative Reporters and Editors).