Comcast reported record quarterly results, driven by surging consumer demand for new digital features including ON DEMAND, digital video recorders (DVR) and HDTV programming.
Some highlights:
- Comcast added 305,000 high-speed Internet subscribers during the quarter. High-Speed Internet revenues increased 22% to $1.2 billion in the second quarter of 2006, reflecting a 1.6 million or 20% increase in subscribers from the prior year and stable average monthly revenue per subscriber. Comcast ended the second quarter of 2006 with 9.3 million high-speed Internet subscribers or 22% penetration of available homes.
- Video revenue increased 8% to $3.7 billion in the second quarter of 2006, reflecting growth in digital customers and increased demand for more digital and interactive features. Comcast ended the quarter with 10.5 million digital video subscribers, a 15% increase from one year ago. Basic video subscribers declined 0.1% or 66,000 subscribers during the second quarter of 2006 compared to a decline of 79,000 subscribers and 96,000 in the second quarters of 2005 and 2004, respectively. Comcast had 21.7 million basic cable subscribers as of June 30, 2006.
- Driven by ON DEMAND movie and event purchases, pay-per-view revenues increased 30% in the second quarter of 2006 from the same time in 2005.
- High-Speed Internet revenues increased 22% to $1.2 billion in the second quarter of 2006, reflecting a 1.6 million or 20% increase in subscribers from the prior year and stable average monthly revenue per subscriber. Comcast ended the second quarter of 2006 with 9.3 million high-speed Internet subscribers or 22% penetration of available homes.
- Comcast added 306,000 VoIP-based Comcast Digital Voice (CDV) customers during the quarter. Phone revenue increased 23% to $214 million reflecting a $67 million increase in CDV revenues as a result of the significant increase in CDV subscribers, offset by a $27 million decline in circuit-switched phone revenue. Comcast ended the second quarter of 2006 with a total of 1.7 million phone customers. Customer additions in the second quarter of 2006 include 306,000 new CDV customers offset by the loss of 79,000 circuit-switched customers.
- Capital expenditures were $965 million in Q2 remained relatively unchanged when compared to one year ago.
- Cable revenue increased 11% to $5.9 billion in the second quarter of 2006 reflecting strong growth in each of our services driven by record setting RGU additions. Revenue generating units (RGUs)(3) increased 816,000 in the second quarter of 2006, a 61% increase from the prior year. Comcast ended the second quarter of 2006 with 43.2 million RGUs, an increase of 3.3 million units from one year ago
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