Q2 2024 Comcast Corp Earnings Call Transcript
Key Points
- Broadband ARPU grew 3.6%, maintaining a market-leading base of 32 million broadband customers.
- Successful launch of NOW products, offering high-quality Internet, mobile, and streaming TV with attractive pricing.
- Strong performance in wireless with over 300,000 line additions and increased multi-line attach rates.
- Peacock revenue grew 28%, driven by a 38% increase in paid subscribers to 33 million.
- Continued investment in network capacity, multi-gig speeds, and in-home Wi-Fi technology to meet growing data consumption trends.
- Total revenue decreased by 2.7% to $29.7 billion, impacted by declines in video and voice revenue.
- Theme parks revenue and EBITDA declined due to lower attendance and timing of new attractions.
- Intense competition in the broadband market led to 120,000 subscriber losses in the second quarter.
- Higher cash taxes impacted free cash flow, which was $1.3 billion, down from previous levels.
- Content & Experiences revenue decreased by 7.5%, with a significant decline in studio revenue due to tough comparisons with last year's successful film releases.
Good morning, ladies and gentlemen, and welcome to Comcast's second quarter earnings conference call. Please note this conference call is being recorded.
I will now turn the call over to Executive Vice President, Investor Relations, Ms. Marci Ryvicker. Please go ahead, Ms. Ryvicker.
Thank you, operator, and welcome, everyone.
Joining us on today's call are Brian Roberts, Mike Cavanagh, Jason Armstrong, and Dave Watson. I will now refer you to slide 2 of the presentation accompanying this call, which can also be found on our Investor Relations website, which contains our Safe Harbor disclaimer. This conference call may include forward-looking statements subject to certain risks and uncertainties. In addition, during this call, we will refer to certain non-GAAP financial measures. Please see our 8-K and trending schedule issued earlier this morning for the reconciliations of these non-GAAP financial measures to GAAP.
With that, I'll turn the call over to Mike.
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