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The pandemic was a mixed bag for the nation’s largest cable TV provider. More customers than ever—1.4 million in 2020—cut the cord and dropped Comcast’s Xfinity TV package. But 2 million signed up for new Internet service, and many more upgraded their speeds (and monthly bills). Meanwhile, Comcast’s three-year-old wireless phone service added 774,000 customers, for a total of almost 3 million. That service turned cash flow positive on an adjusted basis for the first time in the first quarter of 2021. Still, some of Comcast’s other businesses, particularly leisure (theme parks) and entertainment (movie studios) took a hit owing to fallout from COVID-19. Total revenue for the company declined nearly 5% and profits shrank 19% in 2020.
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