Comcast posted revenue of $31.2 billion in the third quarter amid year on year due to tough comparisons with last year’s Paris Olympics.
NBCU’s streamer Peacock delivered $1.4 billon (c. €1.30bn) of revenue and a narrower adjusted EBITDA loss of $217 million (c. €202m). Paid subscribers remained stubbornly at 41 million. Comcast flagged upcoming NBA rights as a potential sub driver.
Within Connectivity & Platforms, which includes the Sky business, international connectivity revenue rose 10.8% year on year, helping offset domestic pressure. Comcast continues to reshape its European footprint following the agreed sale of Sky Deutschland to RTL earlier this year.
Media revenue was down on the Olympic comp, but up 4.2% ex-Olympics. Domestic advertising +2.6% ex-Olympics, helped by Peacock; domestic distribution +1.5% ex-Olympics, with Peacock gains partially offset by softer linear networks. Media adjusted EBITDA rose to $832m, with lower sports costs year on year.
Cable broadband reported its 10th straight quarter of subscriber losses.
In Technology & network strategy: Capex hit $3.1 billon driven by scalable infrastructure and CPE as Comcast pushes its HFC upgrade roadmap (mid-split now, DOCSIS 4.0 next) under “Project Genesis”. Management reiterated near-term ARPU pressure from simplified, price-lock broadband offers as they lean into fixed-mobile bundles.
