Comcast Corp - Ordinary Shares - Class A

Financial Performance Overview: - Comcast reported a 2% growth in EBITDA and a 5% increase in adjusted EPS to $1.09 in Q1 2025. Free cash flow reached $5.4 billion, and the company returned $3.2 billion to shareholders, which included $2 billion in share repurchases, reflecting a strong commitment to capital allocation and shareholder returns.

Broadband and Wireless Growth Challenges: - The company lost 199,000 broadband subscribers during the quarter, indicating a slight uptick in churn from record lows and competitive headwinds from fiber and fixed wireless overbuilders. While broadband ARPU grew by 3.3%, the overall growth in customer adds has been muted, highlighting the need to address pricing transparency and operational ease in customer interaction.

Strategic Shift in Marketing and Pricing: - Comcast is implementing a new pricing strategy with a five-year price guarantee for broadband services, aiming to simplify its go-to-market approach and reduce customer disconnects. The company is also focusing on bundling wireless services with broadband, reflecting that wireless attachment leads to an 80% improvement in customer lifetime value for broadband users.