Comcast would've returned to broadband sub growth without ACP impact

Comcast's broadband business showed some surprising strength as the operator said it would've gained broadband subscribers in Q3 2024 if not for the demise of the Affordable Connectivity Program (ACP). Comcast lost 87,000 broadband subs in the third quarter, comprised of a loss of 79,000 residential customers and 8,000 business customers, lowering its grand total to 31.98 million. That compared to a year-ago loss of 18,000 broadband subs and a loss of 120,000 in the prior quarter. Without the impact of ACP, Comcast said it would've gained 9,000 residential broadband customers, aided by back-to-school customer activity, a temporary AT&T work stoppage and some marketing initiatives and promotions tied to Comcast's Olympics coverage. "Yes, Comcast's loss of 87K broadband subscribers was much worse than a year ago, but, for the third straight quarter, the loss was not nearly as bad as feared," MoffettNathanson analyst Craig Moffett explained in a research note.