With additions to its internet subscribers but a loss in video users, Comcast Corp. came out ahead of Wall Street estimates for third-quarter profits. The firm took on 379,000 high-speed internet subscribers, which surpassed the analysts’ average estimate of 344,000 net additions, per FactSet, Reuters reported.
Comcast lost 238,000 video customers in the three months that concluded on Sept. 30, which was higher than the 203,000 loss that FactSet estimated and over the 224,000 it lost in Q2. The NBCUniversal business reported revenue of $8.30 billion, which dropped 3.5 percent from a year prior.
Total revenue increased 21.2 percent to $26.83 billion, which came out ahead of the analysts’ average estimate of $26.77 billion, per IBES data from Refinitiv. Revenue from the high-speed internet business increased 9.3 percent to $4.72 billion. And net income attributable to Comcast increased from 62 cents per share or $2.89 billion one year earlier to 70 cents per share or $3.22 billion.
The Philadelphia company is scheduled to roll out a streaming service next year, as consumers increasingly ditch their pay TV subscriptions for streaming. The service from the NBCUniversal Unit, dubbed “Peacock,” will provide a wide range of original content, with the inclusion of “Dr. Death” starring Alec Baldwin.
In separate streaming news, Disney’s anticipated launch of Disney+ will reportedly happen on Nov. 12 on most major streaming platforms. People can subscribe to Disney+ through many platforms and devices, with the inclusion of Apple TV and iOS, Sony PlayStation 4 and Android. The move by Disney is reportedly an effort to rival competitors with original content.
The streaming market is an increasingly competitive space, as Disney+ strives to compete with other services such as Apple TV, AT&T’s WarnerMedia and Netflix.