Comcast added 32,000 basic video customers in the third quarter, outpacing analysts’ estimates and putting the nation’s largest cable operator on a path for its first full year of positive video subscriber adds in 10 years.
The additions marked Comcast’s best third quarter for video in a decade, and the company added 330,000 high-speed data customers and business services revenue increased by 15.5%.
The video additions build on 58,000 adds in the first quarter and a loss of just 4,000 in the second quarter. Most analysts believe Comcast could end the year with more than 100,000 video additions and with the third quarter under its belt, the company is most of the way there, with a 86,000 additions in the first nine months of the year.
Consolidated revenue increased 14,2% and overall operating cash flow rose 10.5%.
Cable unit revenue increased 6.9% in the period and operating cash flow rose 5.5%. Comcast said that nearly 45% of its residential customers have its X1 platform.
At its NBC Universal unit, revenue increased 28.3% mainly because of its carriage of the Summer Olympic Games in Rio de Janiero. Excluding the Olympics, revenue increased 5.7%.
“I’m pleased to report that our businesses generated double-digit revenue and operating cash flow growth for the third quarter of 2016, Comcast chairman and CEO Brian Roberts said in a statement. “Cable delivered solid operating cash flow growth coupled with great customer metrics, and has now added 170,000 video subscribers over the past twelve months. The Rio Olympics were the most profitable and successful games in our history, and demonstrated our ability to deliver an unparalleled entertainment experience through NBCUniversal together with Comcast Cable and the X1 platform. NBCUniversal reported operating cash flow growth of over 30%, benefitting from the Olympics, continued growth at our Theme Parks, and the theatrical success of The Secret Life of Pets this quarter. I’m proud of our consistent execution and excited about the opportunities ahead for Comcast NBCUniversal.”
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