Comcast ( CMCSA Quick Quote CMCSA - Free Report) has announced the expansion of its fiber-rich network to more than 300 homes and businesses in Clinton, aiming to provide smart, fast and reliable Internet services. The expansion includes Xfinity Internet services with residential broadband speeds exceeding 1 gigabit per second (Gbps) and Comcast Business Internet speeds up to 100 Gbps. Residential customers in the expanded area will have access to Xfinity's full suite of Internet products. This includes high-speed broadband services and participation in Comcast's Internet Essentials program, which offers low-cost and high-speed broadband for households with limited income. The program has connected more than 2,500 Island County residents since its inception in 2011. Comcast is participating in the Affordable Connectivity Program, offering qualifying households a $30 monthly credit toward Internet and mobile services. This program aims to make reliable broadband Internet more affordable for eligible households. The announcement emphasizes the fundamental role of affordable and reliable broadband Internet in modern American life and its impact on equal access to education for rural schoolchildren, improved health outcomes in rural communities, job creation and economic development through high-speed Internet services. Comcast has made significant investments in technology and infrastructure in Washington, totaling $1.1 billion in the last three years. This includes network upgrades to enhance broadband access. The company's commitment to investing $280 million in the current year to expand broadband and video services enhance network capabilities for multi-gigabit Internet speeds and promote digital equity in communities throughout Oregon and Washington. CMCSA's network expansion in Clinton is part of a broader initiative to improve broadband access, support digital equity and make high-speed Internet services available to more homes and businesses in the region. Comcast Leverages Xfinity 10G Network to Aid Prospects
Shares of CMCSA have returned 27.5% year to date compared with the Zacks
Consumer Discretionary sector’s rise of 3.5%. The outperformance can be attributed to a growing wireless subscriber base and improved content offerings. Comcast 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. This Zacks Rank #2 (Buy) company is extending its Xfinity 10G Network to Caruthers, CA, with a $3.6 million investment. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Comcast has been expanding high-speed broadband in rural communities like Biola with a $1 million investment and Planada with a $4.5 million investment to bridge the digital divide. The company is actively working on Xfinity 10G Network expansion projects in more areas across Fresno and Merced Counties. This expansion benefits Comcast by reaching underserved areas, improving connectivity and enhancing opportunities for residents while contributing to the company's growth and influence. However, it faces stiff competition in its broadband and wireless connectivity business from players like Verizon Communications ( VZ Quick Quote VZ - Free Report) , AT&T ( T Quick Quote T - Free Report) and Charter Communications ( CHTR Quick Quote CHTR - Free Report) . The Zacks Consensus Estimate for Comcast’s fourth-quarter revenues is pegged at $30.39 billion, suggesting a drop of 0.52% year over year. Comcast lost 19K broadband customers in the second quarter of 2023, whereas Verizon added 434K customers. AT&T gained 15K 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 higher programming costs are expected to hurt CMCSA’s prospects in the rest of 2023.