Comcast reported losing 33,000 pay TV subscribers in the fourth quarter, but rate increases and broadband customer additions helped bolster the cable unit’s revenue.
Cord-cutting and migration to less expensive OTT video services were reflected in Comcast’s latest earnings report, which came a day after Verizon said it shed 29,000 Fios video subscribers in Q4.
For all of 2017, Comcast lost 151,000 residential and business video subscribers, compared to a gain of 161,000 video subscribers in 2016.
The company added 350,000 high-speed internet customers in the quarter, compared to 385,000 in the year ago period. Cable revenues increased 3.4 percent to $13.3 billion.
At NBCUniversal, revenue grew 3.9 percent to $8.8 billion, and the cable networks segment saw revenue climb 7.5 percent to $2.7 billion. Content licensing and other revenue grew 34.5 percent in the quarter.
For broadcast television, higher retransmission consent fees led distribution and other revenue to increase by 44.7 percent.
Overall Comcast’s consolidated revenue was up 4.2 percent to $21.9 billion. The operator’s financial gains were also boosted by tax reform. Comcast reported realizing $12.7 billion in net income tax benefits related to the new tax law pass in December.
“I am exceptionally proud of our performance this past year, and we enter 2018 with significant momentum,” Comcast CEO Brian Roberts said. “We are excited to have the Super Bowl on NBC, followed by the 2018 Winter Olympic Games in PyeongChang. The Olympics highlight our strengths and capabilities across Comcast NBCUniversal, as we combine the storytelling of NBC with Comcast technology to create a truly spectacular viewing experience. Overall, we feel great about our company and our positioning as we head into the year.”