Comcast added no new broadband subscribers between April and June, marking the first time the company has failed to grow its high-speed Internet business. Broadband numbers were unchanged from the first quarter at 32.2 million subscribers, the company announced in its second quarter 2022 earnings release this morning.
With only one exception, this is the first time Comcast has not added at least 100,00 new subscribers, according to The Wall Street Journal. This exemption came after the 2008 financial crisis and still resulted in 65,000 new subscribers.
Comcast seems to think the flatline is just temporary. CEO Brian Roberts cites “a unique and evolving macroeconomic environment” as limiting the company’s ability to add new subscribers. The spring quarter also tends to be Comcast’s slowest for new broadband subscribers by a good margin even in previous years, so there’s reason to believe the company could bounce back.
However, there were other problems at Comcast this quarter. Peacock, its streaming service, also failed to add new paid subscribers, standing at 13 million. Comcast tries to brush this off as a content problem, but the problem was that Comcast didn’t put out anything worth watching. The company claims its programming was “outstanding” during the first quarter… but after that, we should expect its big movies and new shows to hit the service later this year. Comcast expects a “significant” increase in growth once it happens.