Comcast reported its second-quarter 2024 results, showcasing mixed performance across its various business segments. In the Connectivity & Platforms division, which includes Residential and Business Connectivity units, revenue remained relatively stable with a slight decrease of 0.6% compared to the previous year. However, profitability in this segment improved, with Adjusted EBITDA increasing by 1.6% to $8.5 billion and Adjusted EBITDA margin expanding by 90 basis points to a record-high 41.9%. Capital expenditures for Connectivity & Platforms decreased by 12.9% to $1.9 billion, reflecting lower spending on customer premise equipment and scalable infrastructure, partially offset by higher investment in line extensions and support capital.
The company's overall performance was characterized by steady growth in key areas such as broadband ARPU and wireless customer additions, despite facing challenges in other segments. Total consolidated revenue decreased by 2.7% year-over-year to $29.7 billion, while adjusted earnings per share increased by 7.0% to $1.21.
Comcast Chairman and CEO Brian L. Roberts commented on the results: "We grew Adjusted EPS high single digits and continued to invest aggressively in our businesses while returning $3.4 billion to shareholders. Broadband ARPU increased by 3.6% and we delivered 6% revenue growth in our connectivity businesses, while expanding our Adjusted EBITDA margin across Connectivity & Platforms to a record-high 41.9%. Media returned to Adjusted EBITDA growth, driven by Peacock, which delivered the best year-over-year improvement for any quarter since its launch in 2020."
Residential Connectivity & Platforms:
- Domestic broadband revenue increased by 3.0% to $6.6 billion
- Domestic wireless revenue grew by 17.3% to $1.0 billion
- Total domestic broadband customers decreased by 120,000
- Domestic wireless lines increased by 322,000 to 7.2 million
Business Services Connectivity:
- Revenue increased by 5.7% to $2.4 billion
- Adjusted EBITDA grew by 4.4% to $1.4 billion
- Adjusted EBITDA margin was 57.0%
Media:
- Revenue increased by 2.1% to $6.3 billion
- Adjusted EBITDA grew by 9.0% to $1.4 billion
- Peacock revenue increased by 28% to $1.0 billion, with paid subscribers growing by 38% to 33 million
Studios:
- Revenue decreased by 27.0% to $2.3 billion
- Adjusted EBITDA declined by 51.4% to $124 million
Theme Parks:
- Revenue decreased by 10.6% to $2.0 billion
- Adjusted EBITDA declined by 24.1% to $632 million
