Comcast broadband revenue beat driven by reclassification, says KeyBanc

KeyBanc notes that Comcast (CMCSA) reclassified commission revenue from the sale of DTC streaming services into domestic broadband revenue and contends given that Comcast beat consensus broadband revenue expectations by $80M that it is “more than fair to say broadband ARPU, like-for-like, was below expectations.” The firm keeps a Sector Weight rating on Comcast shares.