Comcast loses $1.8B in net revenue after net loss for second quarter

Comcast is struggling to maintain a profit despite a sharp drop in internet traffic.

Comcast said Wednesday that it has lost $1,865 million in net income for the second quarter, compared with $1 billion a year earlier.

The cable giant said it had revenue of $6.9 billion for the quarter, down from $7.2 billion a month earlier.

Net income dropped by more than $500 million, to $632 million, mainly because of the $1 per subscriber hike Comcast made in May to $7 a month from $6 a month.

The company’s net loss was also more than twice as big as Wall Street expectations, which were for a $1 a month hike.

The news was greeted with cheers from analysts, who said Comcast was able to turn a net loss into a profit.

Comcast’s revenue was $7 billion, down 10% from a year ago, according to the analysts surveyed by Reuters.

Analysts were generally upbeat on Comcast, noting that the company had improved its streaming video offerings, which include DirecTV Now, and its cable Internet offerings, including its own Xfinity Internet TV service.

They also praised the company’s investment in its wireless business.

But they cautioned that Comcast’s net income was down from the $2.9bn it earned a year before in a year-over-year increase.

Analytics firm MoffettNathanson expects Comcast to miss Wall Street’s estimates of $1 to $1 the first quarter of 2018.

Comcast did not immediately respond to a request for comment.