Peacock adds 3m subs in Q4 as Comcast exceeds expectations

Source: Comcast

Comcast-owned streamer Peacock was the cable and media giant’s standout performer in Q4, with subscribers increasing by almost 50% year-on-year to 31 million, including three million net adds in the last three months of the year.

Peacock revenue in the quarter Increased 57%, surpassing $1.0 billion in quarterly revenue for the first time; Adjusted EBITDA in Q4 improved compared to the prior year period. With an adjusted loss of US$825 million down from US$978 million for the prior year period.

Comcast’s international connectivity and platforms business, which includes Sky entertainment customers, saw the loss of 111,000 customer relationships in the fourth quarter, taking the total to 17,847 million. The number compares with a gain of 55,000 in the prior year fourth quarter.

Previously reported total Sky customer relationships of approximately 23 million as of December 31, 2022 also included approximately five million customer relationships receiving Sky services in Germany.

Comcast overall exceeded revenue and profit expectations, losing fewer broadband customers than expected. Revenue was up 2.3% while adjusted EBITDA was essentially flat at US$8 billion.

The company lost 34,000 domestic US broadband subs, but broadband revenue grew by about 3.7% to US$6.4 billion thanks to a jump in ARPU as customers upgraded to higher speed offerings.

Comcast added about 310,000 wireless subs and lost 389,000 video subscribers, the latter a better result than expected.