Comcast Tops Q1 Earnings Mark

Comcast said it beat earnings estimates for the first quarter of 2020, but missed on revenue, as the pandemic impacted the theme parks business and the theatrical division faced a tough comparison to year-ago hits. Highlights include: Total High-Speed Internet Customer Net Additions Were 477,000 (Not Including 32,000 Free Internet Essentials Customers), the Best Quarterly Result in 12 Years. High-speed internet revenue increased 9.3%, driven by an increase in the number of residential high-speed internet customers as well as an increase in average rates. The company reported that since March 1, its broadband networks have seen a 33% increase in upstream traffic and a 40% increase in wireless data usage over Wi-Fi. Comcast's Xfinity Wi-Fi outdoor and business hotspots are open in the US for free. Capital Expenditures decreased 10.1% to $1.9 billion in the first quarter of 2020. Cable Communications’ capital expenditures decreased 6.9% to $1.3 billion in the first quarter of 2020. Comcast predicts that its cable division will be negatively affected in the second quarter by the significant deterioration in domestic economic conditions in recent weeks and by the costs associated with its support of customer connectivity as the population increasingly works and learns remotely from home.