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Comcast warns of pressures in broadband, its cornerstone unit

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Comcast warns of pressures in broadband, its cornerstone unit


UNIVERSAL STUDIOS, ORLANDO, FLORIDA, UNITED STATES – 2019/07/18: Comcast sign logo in the wall of a building at Universal Studios. (Photo by Roberto Machado Noa/LightRocket via Getty Images)

Roberto Machado Noa | Lightrocket | Getty Images

Comcast topped Wall Street earnings and revenue estimates for the third quarter on Thursday, but revealed widespread pressures in its broadband unit that spooked investors.

The company said it lost 104,000 domestic broadband customers during the period, bringing its total subscriber base to roughly 31.4 million. This marked the fourth quarter in a row that Comcast failed to grow its broadband customer base. 

Earlier this year the company outlined initiatives meant to drive broadband growth — the cornerstone of Comcast’s business — as it has faced fraught competition from alternative providers, namely 5G companies. The company, soon to be led by co-CEOs Brian Roberts and Mike Cavanagh, will be even more reliant on connectivity in the new year after its planned Versant transaction to offload cable network assets. 

During Thursday’s call with investors, Cavanagh reiterated the “broadband environment remains intensely competitive.”

Comcast leadership said the broadband business will experience a decline in earnings as its strategy to focus on the mobile business, simplify pricing bundles and enhance broadband-related products and WiFi is put into effect. That decrease began this quarter and will carry through future quarters, the said.

CFO Jason Armstrong also said the division’s average revenue per user, or ARPU, wasn’t expected to grow as the company focuses on initiatives to maintain and grow its customer base. As broadband subscriber additions have slowed or reversed, Comcast has typically focused on the company’s rising ARPU, which is driven by price increases and upselling packages.

The change in broadband playbook means the bright spot that was once rising ARPU doesn’t exist in the near term for Comcast.

“As we’ve said from the beginning, this pivot carries several costs, including rate reinvestment through pricing simplicity, which carries revenue dilution as well as investment in customer experience, which carries additional operating costs,” Armstrong said on Thursday’s call.

This marked the first quarter in which those costs hit Comcast’s results, Armstrong said. It translated to a 3.5% decline in earnings before interest, taxes, depreciation and amortization across the company’s connectivity and platforms business – made up broadband, mobile, pay TV and other services.

Revenue for the company’s overall connectivity and platforms business came in at $20.18 billion, down nearly 1% from the same period last year. 

“On the other side of this, we’re positioning ourselves for growth with a more durable broadband customer base,” Armstrong said.

The refocusing of the broadband strategy also aligned with a leadership change for the unit.

On Thursday, Comcast announced Steve Croney would take over as CEO of the connectivity and platforms division, succeeding longtime leader Dave Watson. Croney has been serving as the chief operating officer of the group amid its new strategic push.

While Comcast has moved toward mobile, that customer base has grown. Comcast said Thursday it added a record number of mobile customers – 414,000 during the third quarter, bringing its total to 8.9 million lines.

Meanwhile, the exodus from the pay TV bundle continued, with Comcast reporting the segment lost 257,000 customers during the period. As of Sept. 30, Comcast had 11.5 million domestic pay TV customers. 

Shares of the company closed down 4% on Thursday. In the last year, Comcast shares have fallen about 35%.

Beyond broadband

Comcast’s overall business, which consists of the Xfinity-branded broadband, cable TV and mobile group as well as NBCUniversal, outperformed Wall Street’s estimates. 

Here’s how Comcast performed for the period compared with average analyst estimates, according to LSEG:

  • Earnings per share: $1.12 adjusted vs. $1.10 expected
  • Revenue: $31.2 billion vs. $30.70 billion expected

For the quarter ended Sept. 30, net income attributable to Comcast decreased 8% to $3.33 billion, or 90 cents per share, compared with $3.63 billion, or 94 cents per share, a year earlier. 

Adjusting for one-time items, such as interest expense and the value of certain assets, Comcast reported earnings per share of $1.12 for the quarter. 

The company’s adjusted EBITDA was down roughly 1% to $9.7 billion. 

Overall revenue fell nearly 3% to $31.2 billion, compared with $32.1 billion in the same period last year. 

Revenue for the company’s media unit, which houses NBCUniversal, was $6.6 billion, down almost 20% during the period. 

Excluding the impact of the Summer Olympics, which took place during the same period last year, revenue was up 4% year over year. 

The media division reported EBITDA of $832 million, up 28% year over year, driven in part by streaming service Peacock. 

Peacock, which had 41 million subscribers as of Sept. 30 — essentially flat for the last three quarters — reported losses of $217 million for the quarter, an improvement from $436 million in losses during the same period last year. 

In October NBCUniversal’s media rights deal with the NBA kicked off, bringing professional basketball back to broadcast network NBC and introducing it to Peacock. The addition of the NBA is expected to give Peacock a boost. 

Meanwhile, revenue for the film studio was up 6% to $3 billion – boosted by the release of “Jurassic World Rebirth” in July. 

Theme park revenue increased nearly 19% to $2.72 billion, with EBITDA for that unit up 13% to $958 million due to the opening of Epic Universe in May. 

Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant.



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Panel questions IndiGo, DGCA babus, gets ‘unconvincing’ replies | India News – The Times of India

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Panel questions IndiGo, DGCA babus, gets ‘unconvincing’ replies | India News – The Times of India


New Delhi: IndiGo was quizzed on Wednesday by a parliamentary committee over the misery inflicted on passengers by its mass-cancellation of flights, but it blamed a variety of factors, including system glitch and adverse weather conditions, while DGCA and the aviation ministry parried off criticism of their role in the fiasco.Some committee members termed replies of different stakeholders as “unconvincing” and aimed at washing their hands of the crisis, encapsulated by the response of a govt official that he first came to know of the unfolding ordeal through media reports.The panel, headed by JDU’s Sanjay Jha, decided to wait for the report of an inquiry ordered by DGCA before coming to a conclusion and make its recommendation. It will hold another meeting and is expected to call these stakeholders again. The DGCA-ordered committee was constituted on Dec 5 and was asked to submit its report in 15 days.Captain Sam Thomas, president of Bengaluru-based Airline Pilots Association of India, created flutter at the meeting by alleging corruption in DGCA and was asked by members to refrain from making sweeping allegations without producing evidence. He alleged that one can commit any wrong, but stay safe if he touched right feet.A committee member said IndiGo, which has offered apology for the ordeal, was far from apologetic in its response before the panel. It told the panel that several factors combined to derail its operation, including a glitch in system, which needed rebooting, and adverse weather that had their pilots stuck in different zones.IndiGo was represented by its COO Isidre Porqueras, while officials of Air India, Akasa Air, Spice Jet and Air India Express appeared before the panel as well. Civil aviation secretary Samir Kumar Sinha and top functionaries of other stakeholders were part of the deliberations.Replying to a query, IndiGo said all luggage, except 52 which remained unclaimed, have already been delivered.The panel’s meeting came against the backdrop of the suspicion, subject of investigation, that IndiGo remained resistant to the implementation of guidelines (Flight Duty Time Limitation) that allowed more rest for pilots in line with global norms aimed at ensuring flyers’ safety.It has been accused of engineering the disruption, leveraging its market dominance, to force the ministry to roll back the regulation as implementing it would have required the airline to hire more pilots. Faced with chaos caused triggered by disruption of IndiGo’s operations, DGCA had to relax the implementation of the guidelines.IndiGo management is reported to have denied allegation in meetings with ministry.



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Historic Green Milestone: Indian Railways Achieve 99.2% Electrification, Leaves UK, Russia And China Far Behind

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Historic Green Milestone: Indian Railways Achieve 99.2% Electrification, Leaves UK, Russia And China Far Behind


New Delhi: Indian Railways has reached a milestone in its journey toward sustainable transportation, achieving electrification of 99.2 per cent of its broad gauge network. This puts India ahead of major rail economies such as the United Kingdom, which stands at 39%, Russia at 52% and China at 82%, according to a press release from the Ministry of Railways.

The achievement brings the country closer than ever to operating a fully electrified railway system. Fourteen railway zones, including Central, Eastern and Northern Railways, have already achieved 100% electrification. In addition, 25 states and union territories have completed electrification across their rail networks.

Data provided in a written reply to the Lok Sabha highlights the rapid pace of this transformation. Between 2014 and 2025, India electrified 46,900 route kilometres, more than double the 21,801 route kilometres completed in the previous six decades.

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In the past two years alone, 7,188 route kilometres were electrified in 2023-24 and 2,701 route kilometres in 2024-25.

The environmental benefits of this transition are major. Rail transport emits 89% less CO2 than road transport, and Indian Railways is complementing electrification with renewable energy initiatives. So far, 898 MW of solar power has been commissioned at 2,626 stations, reinforcing India’s commitment to a greener transportation network.

Electrification is advancing consistently across zones. The Central, East Coast, East Central, Eastern, Konkan Railway, Kolkata Metro, North Central Railway, North Eastern Railway, Northern Railway, South Central Railway, South East Central Railway, South Eastern Railway, West Central Railway and Western Railway have achieved full electrification.

Other zones, such as North Western, Southern, Northeast Frontier and South Western Railway, have crossed 95% electrification.

The progress is equally impressive state-wise as well. Most states are fully electrified, while Rajasthan, Tamil Nadu and Karnataka are nearing completion. In the North Eastern region, the broad gauge networks in Arunachal Pradesh, Meghalaya, Nagaland, Tripura and Mizoram have been 100% electrified, while Assam stands at 92%, with work underway to complete the remaining sections.

All new rail lines and multi-tracking projects are now being sanctioned with electrification integrated from the beginning. According to the Ministry of Railways, the completion timeline for electrification projects depends on factors such as forest clearances, relocation of utilities, statutory approvals, geological and topographical conditions, law and order situations and climatic constraints, which can affect progress at different project sites.

Beyond expanding connectivity, electrification is central to India’s sustainability agenda. The move to electric rail corridors is helping dramatically cut carbon emissions. For instance, transporting 1 tonne of freight over 1 km emits 101 g of CO2 by road, compared with just 11.5 g by rail, an almost eightfold reduction.

The Indian Railways aims for 100% electrification while contributing to the nation’s goal of net-zero carbon emissions by 2030. Every new rail project now includes electrification from the outset, ensuring that India’s railway system grows greener, more efficient and globally competitive.



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Medical supply firm Medline jumps more than 30% in debut after biggest IPO of 2025

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Medical supply firm Medline jumps more than 30% in debut after biggest IPO of 2025


Shares of U.S. medical supplies giant Medline jumped more than 30% in its debut on the Nasdaq on Wednesday after the biggest initial public offering of the year globally.

The stock opened at $35, up from its $29 IPO price.

The private equity-owned company sold a little over 216 million shares on Tuesday, raising $6.26 billion in an upsized offering that finished off a strong year for new listings and bolstered optimism about the IPO market in 2026. Shares of Medline will trade under the symbol MDLN. 

That IPO pricing gives Medline a market value of at least $37 billion, based on the shares listed in its regulatory filings.

“Historically, we’ve done very little advertising, very little marketing, and this gives us a way to amplify our voice and actually expand really the receptivity of who we are,” Medline CEO Jim Boyle told CNBC’s “Squawk Box” earlier Wednesday. “We are the largest company you’ve never heard of, and we happen to be everywhere. And that’s a really interesting thing.”

The U.S. IPO market has held steady despite market volatility in the spring, driven by President Donald Trump’s sweeping tariffs, and the longest U.S. government shutdown in history in the fall. Just over 200 IPOs have priced this year, including Medline, which is the largest U.S. listing since Rivian‘s $13.7 billion deal in November 2021, according to data compiled by CNBC.

But Medline’s IPO is also among the biggest private equity-backed listings. Three private equity firms — Blackstone, Carlyle and Hellman & Friedman — acquired a majority stake in the company in 2021 for a whopping $34 billion. At the time, the deal was the biggest leveraged buyout since the financial crisis. 

CEO Jim Boyle celebrates with others as medical supplies giant Medline (MDLN) holds it’s IPO at the Nasdaq stock market site in Times Square in New York, Dec. 17, 2025.

Shannon Stapleton | Reuters

Medline, founded in 1966, is based in Northfield, Illinois. The company manufactures and distributes roughly 335,000 different medical and surgical supplies — from gloves, masks and scalpels to wheelchairs. Medline has customers in more than 100 countries and, as of the end of 2024, employed more than 43,000 workers worldwide. 

Medline’s total debt was around $16.8 billion as of late September 2025. The company raked in $25.5 billion in net sales in 2024.

Medline’s earlier plans to go public this year were postponed due to uncertainty around tariffs affecting products from Asia. The majority of the company’s products are sourced or manufactured in Asian nations, particularly China. 

Medline expects a $150 million to $200 million hit from tariffs to income before taxes in fiscal 2026.

The company competes with names like McKesson and Cardinal Health

— CNBC’s Gina Francolla contributed to this report



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