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Comcast reports strong earnings, but no new broadband customers for first time

Comcast has previously dominated the home broadband sector -- but it must now compete with growing competition from companies like T-Mobile, which came close to doubling its broadband customers in the second quarter. File Photo by Mike Mozart/Wikimedia Commons
Comcast has previously dominated the home broadband sector -- but it must now compete with growing competition from companies like T-Mobile, which came close to doubling its broadband customers in the second quarter. File Photo by Mike Mozart/Wikimedia Commons

July 28 (UPI) -- Comcast on Thursday reported strong second-quarter earnings across the board, but during that period the cable giant failed to add new broadband Internet customers for the first time in its history.

Comcast said earnings for the quarter increased by about 5% to about $30 billion compared to the second quarter of 2021, topping most analysts' expectations.

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However, there were no new broadband Internet customers. Analysts surveyed by FactSet expected the report would show an addition of 84,000 new Internet customers.

Comcast, which owns NBCUniversal, is the world's second-largest broadcasting and cable television provider.

"At NBCUniversal, terrific results at theme parks fueled our growth in the quarter, and we expect our recent premieres and planned slate of content and live events from our media and studios businesses," Comcast Chairman and CEO Brian Roberts said in a statement.

Comcast has previously dominated the home broadband sector -- but it must now compete with growing competition from companies like T-Mobile, which came close to doubling its broadband customers in the second quarter.

Roberts said he expected robust subscriber growth later this year with the arrival of NFL Sunday Night Football and the World Cup, along with movie offerings like Jurassic World: Dominion, Minions: The Rise of Gru and Nope.

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"Looking ahead, our company is in an enviable strategic and financial position, with substantial cash flow generation and a strong foundation for innovation," Roberts added.

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