Yahoo Finance Comcast (CMCSA) Expands Xfinity 10G Network in Spring Hill
Comcast CMCSA recently announced its plans to expand the high-speed Xfinity 10G network to 3400 additional homes and businesses in Spring Hill, KS.
The network offers multi-gigabit internet speeds for residential and business customers and a full suite of services. This will boost economic growth and promote digital equity in Spring Hill.
The project will cost $9 million and cover 75 miles by early 2024. This expansion will strengthen the community's development, education and employment opportunities, attracting more businesses to Spring Hill.
Since the past three years, Comcast has invested nearly $40.3 million in the network expansion project in Kansas. It aims to serve the Spring Hill community with its Internet Essentials program, which offers low-cost broadband for low-income households through the Affordable Connectivity Program.
Comcast Corporation Price and Consensus
Comcast Corporation price-consensus-chart | Comcast Corporation Quote
Comcast Leveraging Xfinity 10G Network to Aid Prospects
Shares of Comcast have risen 30.3% year to date compared with the Zacks Consumer Discretionary sector’s increase of 9.7%.
CMCSA leverages its Xfinity 10G Network to expand its subscriber base and reach. The network delivers three times faster broadband speeds, ultimate capacity, unprecedented coverage, reliable connection and ultra-low latency.
Comcast 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 data each month.
In July 2023, Comcast completed the first phase of its network expansion to bring fiber-rich internet to nearly 200 homes and businesses in Eagle Creek and Estacada, OR. Moreover, in June 2023, Comcast announced its plans to expand the high-speed Xfinity 10G network to 25 rural communities in Florida.
Comcast’s expanded offerings in different connectivity verticals, expanded partnerships and substantial global reach are expected to aid broadband sales, thereby driving prospects.
This Zacks Rank #3 (Hold) company’s second quarter 2023 revenues increased 1.7% year over year to $30.51 billion.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Comcast Facing Stiff Competition
Comcast has been leveraging its technology and expanding Xfinity 10G Network, reflected in its expanding subscriber base. However, it faces stiff competition in its broadband and wireless connectivity business from players like Verizon Communications VZ, AT&T T and Charter Communications CHTR.
Shares of Charter have surged 21.9% year to date, while the same for Verizon and AT&T have declined 15.7% and 22.5% year to date, respectively.
Comcast added 316K wireless lines in the second quarter of 2023 in the wireless segment. Verizon, Charter and AT&T added 1 million, 648K and 6.2 million wireless lines, respectively.
It lost 19K broadband customers in the second quarter of 2023, whereas Verizon and Charter added 34K and 77K customers, respectively. AT&T lost 35K customers during the same time frame.
Comcast has been persistently suffering from video-subscriber attrition due to cord-cutting. Moreover, increased competition in the fixed wireless and fiber segment and increased programming costs are expected to hurt Comcast’s prospects in the rest of 2023.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $29.76 billion, indicating a decline of 0.31% from the year-ago quarter’s reported figure.
The consensus mark for earnings has moved a cent up to 94 cents per share in the past 30 days, indicating a decline of 2.08% from the year-ago quarter’s levels.
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