D.C. Memo: Comcast Drops 120K Broadband Subs in Q2

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Comcast: In the second quarter, Comcast lost 120,000 broadband subscribers, after losing 65,000 in the previous quarter. But Chairman & CEO Brian Roberts brushed it off on a call with Wall Street analysts yesterday. “I really believe we are dealing with the competitive landscape shifts exceptionally well. That's because we have a great team across the company that knows how to execute and innovate. We have the scale, balance sheet, and relevancy to compete with anyone,” he said. President Michael Cavanagh attributed the loss to “competitive intensity that we've seen for the past several quarters,” especially among “price-conscious consumers.” In May, Comcast rolled out NOW Internet, a $30 a month service aimed at the low-income segment to blunt the impact of affordable fixed wireless access offerings by T-Mobile and Verizon. “Our broadband strategy has been consistent, and we remain confident in our plan. We are focused on generating healthy broadband revenue growth by striking the right balance between rates and volume and relying heavily on market segmentation,” Cavanagh said. Comcast Cable President and CEO David Watson said the company "saw a minimal impact" from the shutdown of the Affordable Connectivity Program (ACP) on May 31. "We expect the bulk of the ACP subscriber-related activities to happen in the third quarter." Roberts said he has the company positioned to grow. "We've expanded our broadband network by 1.2 million new homes passed in the last 12 months -- most in the company's history.  And we plan to continue to do that." KeyBanc analyst Brandon Nispel said he does not see Comcast reversing broadband subscriber losses anytime soon. "While we continue to like its broadband franchise and see Comcast operating with strong efficiency driving modest growth, subscriber trends likely will be challenged near term, and we are consistently pushing out expectations for a recovery."