Comcast busted its own record for adding revenue-generating units in its 2007 first quarter. RGUs increased 63 percent to 1.76 million, compared to 1.1 million additions in the same quarter of 2006. Comcast ended Q1 with 52.6 million RGUs.
The RGU number broken down included 644,000 new digital video subscribers to reach a total of 13.3 million, 75,000 new basic video subscribers for a total of 24.2 million, 563,000 new data customers to reach 12 million, and 571,000 VoIP customers to achieve a total of 2.4 million. The company lost 93,000 circuit-switched subscribers, leaving it a total of 560,000; Comcast did not report how many of those migrated to its own VoIP. Average monthly revenue for video and data services was up, both sequentially and year-over-year.
The number of homes passed for all services from Q4 of 2006 to Q1 of 2007 increased only marginally, so Comcast’s gains came largely from increasing penetration. The numbers attest to the increasing popularity of the still relatively new triple play bundle.
Q1 revenue was up 12 percent from the previous quarter, to $7.3 billion. Profit was up 80 percent from Q4, to $837 million. Profits got a $500 million bump ($300 million after taxes) from the dissolution of Comcast’s joint venture with Time Warner Cable.
Average monthly revenue benefited from the migration to digital, increasing adoption of features such as HD and DVR, greater use of services such as on-demand, and higher monthly fees.