Comcast added 317,000 subscribers to its Xfinity Mobile service in Q2, its second-best quarter to date in terms of additions, as it works to compete with mobile operators through the MVNO service.
The additions took Comcast’s total wireless subscriber base to 4.6 million compared with 3.3 million in Q2 2021. Revenue at the division grew 29.8 per cent to $722 million.
Revenue for the cable communications segment, which includes Comcast’s wireless business, increased from $16 billion to $16.6 billion.
Overall, Comcast’s revenue increased 5.1 per cent to $30 billion, driven in part by its Universal theme parks and studios.
Net income attributable to the company of $3.4 billion was down 9.2 per cent.
Brian Roberts, chair and CEO, was bullish on Comcast’s future, stating it was in “an enviable strategic and financial position” citing “substantial cash flow generation and a strong foundation for innovation”.
Research company MoffettNathanson noted wireless operations accounted for 4.3 per cent of the cable sector’s overall revenue during Q2, with the proportion and is growing at 29.9 per cent annually.
Analyst Craig Moffett previously noted cable companies were becoming a threat for mobile operators due to the rate of subscriber additions.Subscribe to our daily newsletter Back