Comcast says Peacock is about to hit 'peak losses' after losing nearly $1 billion last quarter
Comcast says Peacock is about to hit ‘peak losses’ after losing nearly $1 billion last quarterStill, Peacock is printing money. Annual revenue for the service has almost tripled since last year and has since passed 20 million paid subscribers.Comcast revealed that the service lost $978 million in Q4 despite gaining 5 million new subscribers.
Peacock — the streaming platform for Comcast-owned NBCUniversal — reported a loss of $978 million during the company’s fourth financial quarter, a sizable jump from the $559 million loss reported in the same quarter last year. Comcast expects Peacock’s total losses to peak at around $3 billion. “We believe 2023 will be peak losses for Peacock and, from there, steadily improve,” said Comcast president Michael Cavanagh during a company earnings call .
Overall, Comcast reported $8 billion in earnings over its fourth quarter, a decline of almost 5 percent compared with the same period last year. Total revenue for the year came in at $30.55 billion, a smidge higher than the $30.32 billion figure previously estimated by analysts. The company said it lost 26,000 broadband customers in Q4 because of damage caused by Hurricane Ian after hitting Florida and South Carolina in September but estimates that it would have added 4,000 new customers when excluding the impact of the storm. Comcast also reported a loss of 440,000 video customers during the same quarter.Meanwhile, Comcast’s Xfinity Mobile gained 365,000 new customers in Q4, boosting the company’s total wireless customer count to more than 5.3 million.
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