Comcast CMCSA recently announced that it would expand its high-speed Xfinity 10G network to nearly 800 residents and businesses in Beech Bottom and Windsor Heights in Brooke County, Rowlesburg and Terra Alta, Preston County.
Comcast now delivers the full suite of its services to homes and businesses in Beech Bottom and Windsor Heights and is an ongoing expansion in Terra Alta, which is expected to complete in the current year.
Since the past three years, Comcast has been expanding its network in West Virginia to deliver its broadband and other services. It has made investments of about $88.4 million to fulfill the broadband necessity for educational, professional and personal lives.
As a part of WV’s Line Extension Advancement and Development program (LEAD) and its Major Broadband Project Strategies program (MBPS), Comcast expanded its network to more than 1870 rural homes and businesses in Preston, Berkeley, Cabell, Hancock, Mineral, Monongalia, and Ohio counties.
As a part of Comcast’s ongoing expansion, it plans to reach another 2800 homes and businesses in Brooke, Hancock, and Ohio counties.
Comcast’s recent community partnerships in WV have totaled $4.4 million in cash and kind, leading to the installations of 10 Lift Zones providing free Wi-Fi service to local community centers. Lift Zones are a part of Project UP, backed by a $1-billion commitment to promoting digital learning and empowering communities falling under low-income groups.
Comcast Corporation Price and Consensus
Comcast Corporation price-consensus-chart | Comcast Corporation Quote
Comcast Leveraging on Xfinity 10G Network to Aid Top Line
In December 2022, Comcast announced its next-generation Xfinity 10G network based on DOCSIS 4.0 technology. The network delivers three times faster broadband speeds, unprecedented coverage, reliable connection and ultra-low latency.
Comcast has successfully gained approximately one billion Xfinity customers using their network and more than 10 million internet-only customers taking gigabit speed products and consuming an average of 700 GB of data each month.
It aims to expand Xfinity 10G network with the underserved communities, providing users with the necessary skills, resources and opportunities to reduce digital inequalities.
In March 2023, Comcast announced its Xfinity 10G network expansion to serve more rural communities in Oregon, Washington and Colorado.
In February 2023, Comcast announced its expansion with the next-generation Xfinity 10G network across several southeast Texas counties.
In addition, Comcast also offers a suite of connectivity, communications, networking, cybersecurity, wireless and managed solutions to help small and mid-size businesses prepare for the future.
Comcast Gaining Traction Amid Stiff Competition
Comcast’s fourth-quarter 2022 results reflected slowing broadband and customer relationships primarily due to the reversal of pandemic trends and challenging macroeconomic conditions.
Cable Communications and NBCUniversal prospects are suffering due to stiff competition from players like Verizon Communications VZ, Charter Communications CHTR and Disney DIS.
In the wireless segment, Comcast added 365K wireless lines in fourth-quarter 2022, whereas Verizon and Charter added 379K, 615K wireless lines, respectively.
Comcast lost 26K broadband customers in fourth-quarter 2022, whereas Verizon and Charter added 96K and 105K customers, respectively.
Shares of Comcast have declined 22.5% in the past year outperforming the Zacks Consumer Discretionary sector, which plunged 23.4% in the same time frame.
Shares of Verizon, Charter and Disney have declined 25.4%, 38.7% and 31.3% in the past year, respectively.
Comcast reported a 1.4% year-over-year revenue increase in fourth-quarter 2022. The wireless communications and broadband revenue increased 24.7% and 5.4% year over year, respectively.
This Zacks Rank #4 (Sell) company reported earnings of 82 cents per share, which increased 6.5% year over year. The earnings beat the Zacks Consensus Estimate by 5.13%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for fiscal first quarter revenues is pegged at $29.92 billion, indicating a decline in growth of 3.51% from the year-ago quarter’s reported figure.
The consensus mark for earnings has remained unchanged at 83 cents per share in the past 30 days.
(We are reissuing this article to correct a mistake. The original article, issued on March 30, 2023, should no longer be relied upon.)
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