Driven by increases in broadband, wireless, business services and advertising revenue, Comcast reported revenue for its cable communications business of $16.6 billion in the fourth quarter of 2022, up 1.4% compared to a year earlier. Gains were partially offset by decreases in video, voice and other revenue.
Highlights:
- Broadband revenue increased 5.4% due to an increase in average rates and an increase in the number of residential broadband customers compared to the prior year period. Wireless revenue increased 24.7% due to an increase in the number of customer lines and an increase in device sales.
- Business services revenue increased 4.6% due to an increase in average rates and an increase in the number of customers receiving our services compared to the prior year period.
- Advertising revenue increased 9.1%, primarily driven by an increase in political advertising. Excluding political revenue, advertising revenue decreased by 7.4%, reflecting the previously announced transition of the Xumo Play streaming service to a joint venture.
- Video revenue decreased 5.6%, reflecting a decrease in the number of residential video customers, partially offset by an increase in average rates. Voice revenue decreased 13.2%, primarily reflecting a decrease in the number of residential voice customers. Other revenue decreased 6.5%, reflecting a decrease in revenue from our security and automation services.
- For the twelve months ended December 31, 2022, Cable revenue increased 3.1% to $66.3 billion, driven by growth in broadband, business services, wireless and advertising revenue, partially offset by a decrease in video and voice revenue.
- Total Customer Relationships decreased by 71,000 to 34.3 million in the fourth quarter of 2022. Excluding the negative impact from Hurricane Ian, the company estimates that total customer relationships decreased by 36,000.
- Total broadband customer net losses were 26,000. Excluding the negative impact from Hurricane Ian, we estimate that total broadband net additions were 4,000. Total video customer net losses were 440,000 and total voice customer net losses were 288,000. In addition, Cable Communications added 365,000 wireless lines in the quarter.
- For the twelve months ended December 31, 2022, total customer relationships increased by 75,000. Residential customer relationships increased by 54,000 and business customer relationships increased by 21,000. Total broadband customer net additions were 250,000.
- Total video customer net losses were 2.0 million and total voice customer net losses were 1.2 million.
- Capital Expenditures for Cable Communications increased 9.7% to $2.4 billion in the fourth quarter of 2022, reflecting increased investment in line extensions, scalable infrastructure, customer premise equipment and support capital.
- Cable capital expenditures represented 14.4% of Cable revenue in the fourth quarter of 2022 compared to 13.4% in the prior year period.
"I am proud of how our team executed throughout 2022," said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. "We achieved the highest levels of Revenue, Adjusted EBITDA and Adjusted EPS in our history and returned a record $17.7 billion of capital to shareholders.
