Comcast Earnings: Broadband Pricing Discipline Is Key, Offsetting Peacock Uncertainty

Pricing discipline remains the most important factor driving Comcast’s performance, in our view. While the broadband market is clearly more competitive than in years past, Comcast has protected the value of its customer base, accepting modest customer losses while maintaining steady growth in revenue per customer. Management signaled revenue per broadband customer will again increase 3%-4% in 2024. T-Mobile’s broadband price increase last week is the latest indication that competition, while intense, remains highly rational.