Comcast Revenue Slips to $29.8 Billion in Q1 on Continued Broadband, Pay TV Subscriber Losses

Comcast beat Wall Street expectations for its first quarter of 2025 on Thursday.

But the media conglomerate’s total revenue fell 0.6% to $29.89 billion as it shed 199,000 broadband subscribers due to heightened competition and 427,000 video customers due to audiences cutting the cord in favor of streaming. Meanwhile, its mobile business was a bright spot, adding 323,000 lines.

Peacock continued to make progress during the quarter, adding 5 million paid subscribers for a total of 41 million and growing revenue 16% to $1.2 billion. But the streaming service remains unprofitable, narrowing its loss to $215 million, compared to a loss of $639 million in the prior year period.

Here are the top-line results:

Net income: $3.86 billion, down 12.5% year over year. On an adjusted basis, net income fell 0.9% to $4.17 billion.

Earnings per share: 89 cents per share, down 7.7% year over year. On an adjusted basis, EPS came in at $1.09 cents per share, up 4.5% year over year, compared to 98 cents per share expected by analysts surveyed by Zacks Investment Research.

Revenue: $29.89 billion, down 0.6% year over year, compared to $29.68 billion expected by Zacks.

The latest quarterly results come as Comcast is preparing to spin off its cable network portfolio into a publicly-traded, standalone company. The move is expected to be completed by the end of the year and will be tax-free to Comcast’s shareholders.

The entity, currently dubbed SpinCo, will house USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Golf Channel and digital assets Fandango, Rotten Tomatoes, GolfNow and SportsEngine, reaching 70 million U.S. households and generating $7 billion in annual revenue.

Comcast shares fell over 3% in pre-market trading on Thursday.

Comcast Continues to Bleed Broadband, Pay TV Subscribers

Comcast ended the quarter with a total of 51.4 million customers in its connectivity & platforms business, including 12.1 million video customers, 8.15 million wireless customers and 31.64 million broadband customers.

Despite the broadband subscriber losses, the segment’s revenue rose 1.7% to $6.56 billion, while wireless revenue climbed 15.6% to $1.12 billion. Video revenue fell 5.4% to $6.72 billion and advertising revenue for the residential connectivity & platforms segment fell 7.4% to $881 million.

Overall, the connectivity & platforms revenue fell 0.7% to $20.14 billion and profit grew 1.5% to $8.34 billion.

More to come…

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