Comcast reported revenue of $26.6 billion for the first quarter of 2020, a decrease of 0.9%. Adjusted EBITDA decreased 4.9% to $8.1 billion. Earnings per Share (EPS) for the first quarter of 2020 was $0.46, a decrease of 40.3% compared to the first quarter of 2019. Adjusted EPS decreased 6.6% to $0.71.
For the company's Cable Communications division, it was the best first quarter on record for total customer relationships, with an increase of 371,000. Total high-speed Internet customer net additions were 477,000 (Not Including 32,000 Free Internet Essentials Customers), representing Comcast's best quarterly result in 12 years. Total video customer net losses were 409,000 and total voice customer net losses were 89,000. In addition, Cable Communications added 216,000 wireless lines in the quarter.
Since March 1, Cable Communications has seen a 33% increase in upstream traffic and a 40% increase in wireless data usage over WiFi.
"Now more than ever the world needs to stay connected, and we’re extremely pleased that our investments in our network continue to pay off as we are handling significant increases in traffic and meeting our customers’ needs. While parts of our business have been more impacted by COVID-19 than others, we have continued to innovate. We are distributing our content in new ways, as evidenced by the recent launch of Peacock on X1 and Flex," commented Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation.
- Capital Expenditures decreased 10.1% to $1.9 billion in the first quarter of 2020.
- Cable Communications’ capital expenditures decreased 6.9% to $1.3 billion in the first quarter of 2020.
- NBCUniversal’s capital expenditures decreased 16.7% to $377 million. Sky's capital expenditures decreased 24.1% to $197 million.
