Comcast Corporation is the largest cable TV provider in the US and they have released the second quarter profit report now. As per the reports, the company has lost 4,000 cable TV users in the quarter, but the drop is very small when compared to the loss of 69,000 subscribers last year.
Analysts had projected a loss of about 42,000 customers for Comcast in a seasonally weak period, as college students will be disconnecting their cable connection for summer holidays. However, the report says the trend went the other way. Comcast managed to get 220,000 internet sign ups and this is the biggest for a second quarter in the last eight years.
The internet subscriptions numbers also exceed the predicted count of 192,000. More and more people are now attracted to streaming television, so selling broadband services has become a much profitable business for cable companies. Streaming and internet television has become one of the largest selling services among cable TV alternatives.
Comcast is attracting more and more customers from phone providers and satellite with their new X1 platform. This service is now introduced in about forty percent of their footprints, and makes it much easy for the users to search for movies and shows. In addition, the service offers more content on demand, and this service helps Comcast to retain their cable subscribers. Comcast is also improving their video service with their deal with Netflix to allow their customers to stream Netflix content on X1.
Comcast is also planning to sell prepaid TV and internet service to users who normally may not qualify for the services. This is done by waiving rules for credit check and contracts. The quarterly report by Comcast shows that the revenue of the company rose 2.8 percent to reach 19.3 billion dollars. The net income for the quarter was 2.03 billion dollars, which is five percent down of the previous year, whereas the average customer bill per month increased by 3 percent reaching 147.99 dollars.
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