Comcast Reports 4th Quarter and Year End 2016 Results – Comcast (Jan 26, 2017)
Comcast is an enormous and complex company, with its US cable and broadband business but also a movie studio, theme parks, the NBC TV business, and more, and as such it’s hard to its results justice in a brief space, so I’ll focus on a couple of key areas. Firstly, it saw video subscriber growth for 2016 as a whole, the first time that’s happened in a decade. This wasn’t a surprise – Comcast’s video net adds have been trending upwards for several years, mostly because the major telcos (AT&T and Verizon) have taken their foot off the gas in selling their TV services (AT&T has instead ramped up its satellite based offerings through DirecTV). All the cable companies have benefited from this, but Comcast perhaps more than most. It’s worth noting, though, that cord cutting is accelerating overall, and Comcast is gaining share in a shrinking market, and its programming costs are also rising as a percentage of its TV revenues. We didn’t get much more clarity on Comcast’s wireless ambitions on the call, other than that the focus will predictably be on bundling. But that service should launch in H1. I’m asked a lot about the prospects for that service, but so much depends on the details of what Comcast launches – on balance, I’m fairly bearish.
via Comcast
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