It's the classic story of the little side business that could, but in this case, the little side business is Comcast's Internet service, and when we say "could," we mean bring in millions of customers and billions of dollars in revenue for Comcast. While the telecommunications giant may have begun as a cable provider, its main business is now Internet service provision, boasting 22.5 million Internet subscribers and 22.3 million video customers, as per its second quarter results.
Comcast's revenue grew 10 percent thanks in large part to an increase of 180,000 high-speed Internet customers, which offset slight losses in their video-based customer base. But for Comcast cast the video results in the best light possible, stating that their net loss in viewers "declined to 69,000, a 52 percent improvement from the second quarter of 2014, and the best second quarter result in nine years."
In a press release, Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, noted, "Our second quarter results, including 11.3 percent revenue growth and 8.0 percent operating cash flow growth, demonstrate the strength and momentum we are seeing across our businesses. In Cable, high-speed Internet, and business services continued to perform extremely well, and, significantly, this was the best second quarter video customer results we've had in nine years."
Despite the continuing and seemingly inevitable loss of video customers to streaming services like Netflix, Hulu, and HBOGo, Comcast has managed to weather the storm not only by way of its Internet service provision, but also thanks to the enormous success of its NBCUniversal division. "NBCUniversal had an exceptional quarter, led by the record-breaking box office performances of Jurassic World and Furious 7 and continued strong momentum in our theme parks," said Roberts. "In addition, NBC won the 2014-2015 broadcast season for adults 18-49. Our teams are executing incredibly well across our strong and diversified portfolio, and I am excited for what we can deliver in the rest of 2015 and beyond."