Comcast narrows Q2 pay-TV customer losses to just 4,000

Comcast

Comcast (NASDAQ: CMCSA) continues to report best-in-a-decade customer metrics, with the MSO reporting narrowed losses of just 4,000 pay-TV customers in the second quarter, the slowest period of the year for video subscriber growth.

Comcast lost 69,000 video customers in the second quarter of 2015 and 144,000 pay-TV subs in the Q2 2014.

The MSO also reported customer gains of 220,000 high-speed internet users in the quarter, the best result in eight years. Overall, customer relationships grew by 115,000 for Comcast. 

As it has in every recent quarterly earnings report, Comcast attributed the gains to its advanced X1 pay-TV platform, which has now proliferated across 40 percent of the MSO's footprint. The company said 885,000 customers received X1 in the second quarter.

"There's still is an opportunity as we improve the customer experience and continue to develop the product," said Neil Smit, chief executive of Comcast Cable.

Cable revenue increased 6 percent for Comcast, which also reported a 2.8 percent jump in consolidated revenue overall. 

Comcast said business services revenue increased 17 percent in the quarter to $1.4 billion. 

With Dish Network experiencing huge losses in the second quarter on the satellite side, and AT&T U-Verse and Verizon FiOS also in retreat in the second quarter, MoffettNathanson analyst Craig Moffett said a strong Q2 showing by Charter Communications when it reports earnings next week could reveal fundamental changes in the pay-TV industry that are in cable's favor.

"First, cable's infrastructure advantage in broadband is now an infrastructure advantage in TV as well," Moffett said to investors this morning. "Second, cord-cutting remains quiescent, at least for now."

For more:
- read this Comcast earnings release

Also read: Tracking pay-TV earnings in Q2 2016

Related articles:
Comcast says Netflix usage on X1 will count against data cap
Comcast adds 53K Xfinity TV customers, 438K HSI subs in Q1
Comcast's 69K video sub loss is best Q2 performance in 9 years; X1 deployment rate increases 35%

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