Illustrating the outsized importance the No. 1 U.S. cable company has for some vendors, remote control maker Universal Electronics revealed last week that Comcast accounted for 24.2% of its sales in the second quarter.
The company, which sources the voice remotes that power Comcast’s X1 video platform, as well as electronic components including sensors that go into the cable company’s home automation and security product, said that AT&T’s DirecTV satellite platform had the second biggest share of business at 10%.
“Home security has done really well,” said Universal CFO Bryan Hackworth. “Comcast continues to roll out its X1 platform, so remotes have sold well for us. But also, we're selling the home security products through their XFinity platform. We have growth from multiple sources.” (A transcript of Universal Electronics’ second-quarter earnings call was provided by Seeking Alpha.)
Universal Electronics reported a 3% rise in quarterly income and an 8% uptick in operating income. The Santa Ana, California-based vendor entered into a warrants agreement with Comcast in March 2016.
As Universal noted, the company’s Comcast business also includes syndication partners Cox Communications and Shaw Communications, which both license white-label versions of X1, as well as Xfinity Home.