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Q2-16: Comcast Cable Communications video revenue up 2.8 percent

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BENGALURU: Comcast Corporation’s (Comcast) Cable Communications division (Comcast Cable, Cable) reported 2.8 percent increase in video revenue for the quarter ended 30 June 2016 (Q2-16, current quarter) as compared to the corresponding year ago quarter.

The division reported video revenue at $5,581 million for Q2-16 as compared to $5,431 million in Q2-15

Overall, Cable Communications revenue, which includes revenues from video, high speed internet, voice, business services advertising and ‘other’ segments increased 6.3 percent y-o-y in Q2-16. The growth in revenue was driven by increase in high speed internet, business services and video revenues.

Cable Communications reported revenue of $12,444 million in the current quarter, while it was $11,740 million in Q2-15. Video revenue is the major contributor to Comcast’s Cable Communications segment, followed by high speed internet.

Operating Cash Flow (OCF) from Comcast Cable Communications increased 5.7 percent y-o-y in the current quarter to $5,048 million from $4,777 million.

Cable Communications business services stream had the highest y-o-y growth in Q2-16 among all the other streams at 16.9 percent (grew to $1,360 million from $1,163 million).  High speed internet revenue grew 8.6 percent y-o-y in Q2-16 to $3,369 million from $3,101 million.

Overall, Comcast consolidated revenue also increased 2.8 percent year-over-year (y-o-y) to $19,269 million in the current quarter as compared to $18,743 million. Consolidated operating income declined 1 percent y-o-y in Q2-16 to $4,066 million from $4,105 million. Net income attributable to Comcast declined 5.1 percent y-o-y in Q2-16 to $ 2,038 million from $2,137 million.

Cable Communications segment subscription numbers

Overall, Comcast Cable Communications reported a q-o-q (quarter-over quarter) addition of 115,00 customer relationships to 28.085 million in Q2-16. During the corresponding year ago quarter, customer relationships were 26.265 million with net additions of 31,000.

Comcast Cable Communications closed the current quarter with 22.396 million, a decline of 4,000 video customers from the immediate trailing quarter. High Speed Internet customers increased by 220,000 to 23.987 million, while Voice customers increased by 64,000 to 11.641 million in the current quarter vis-a-vis the immediate trailing quarter.

In Q2-16, single play customers increased by 6,000 to 8.416 million, double play customers increased by 53,000 to 9.399 million, triple play customers increased by 56,000 to 10.269 million as compared to the immediate trailing quarter.    

NBCUniversal (NBCU)

NBCUniversal (NBCU) revenue declined 1.8 percent in Q2-16 to $7,103 million from $7,230 million in Q2-15. The slide was attributable to a 40.4 percent decline in NBCU’s Filmed Entertainment segment revenue in the current quarter to $1,351 million from $2,266 million in the corresponding year ago quarter.

NBCU’s other segments – revenue from Cable Networks, Broadcast Television and Theme Parks --grew 4.7 percent, 17.3 percent and 47 percent, respectively.

Cable Networks revenue in Q2-16 grew to $2,566 million from $2,450 million; Broadcast Television revenue increased to $2,128 million from $1,813 million; Theme Parks revenue increased to $1,136 million from $773 million.

The segment saw almost flat y-o-y operating cash flow or OCF (declined 0.2 percent) in Q2-16 at $1,689 million as compared to $1,692 million.

OCF from Filmed Entertainment segment declined to almost one eighth (declined by 86.7 percent) in Q2-16 to $56 million from $422 million.   OCF from Cable Networks in Q2-16 increased 8.3 percent y-o-y to $944 million from$872 million in Q2-15. OCF from Broadcast Television increased 70.5 percent y-o-y to $394 million from $231 million and OCF from Theme Parks increased 40.5 percent to $469 million from$334 million.

Company Speak

Comcast chairman and CEO Brian L. Roberts in a statement said, "I am pleased to report excellent results as our momentum continues across our businesses. Our Cable subscriber and financial performance during the quarter was outstanding. We more than tripled our customer relationship net additions, with our best second quarter Internet customer results in eight years and our best second quarter video customer results in over ten years, and we successfully balanced this with strong operating cash flow growth.

"Despite an expected difficult comparison to last year's record second quarter film slate, NBCUniversal achieved solid results, driven by strength in our TV businesses and Theme Parks, which benefitted from the successful opening of The Wizarding World of Harry Potter in Hollywood. I am excited about the opportunities ahead for our company as we work together to bring people incredible technology, and memorable experiences, and there is no better example than the Olympic Games. "

Dwelling on the Olympics coverage, he said that the entire organization  was gearing up to deliver the most comprehensive and innovative Olympics coverage in history starting next week, which will showcase the incredible breadth of NBCUniversal together with Comcast Cable and the X1 platform

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