Comcast (CMCSA Quick QuoteCMCSA - Free Report) announced that is undertaking a construction project to extend its fiber-rich network to more than 450 additional homes and businesses in Silverdale.

The expanded network will provide Xfinity Internet services with residential broadband speeds faster than 1 gigabit per second (Gbps) and Comcast Business Internet speeds up to 100 Gbps.

Residential customers will have access to Xfinity's full suite of Internet products, including the Internet Essentials program, offering low-cost and high-speed broadband for income-constrained households.

This announcement underscores Comcast's commitment to providing advanced and reliable Internet services, contributing to community development and investing in the expansion of broadband access.

Comcast participates in the Affordable Connectivity Program, providing qualifying households with a $30 monthly credit toward Internet and mobile services. The company emphasizes its commitment to the community, working with local organizations and connecting people through its services.

Comcast Suffers From Slowing Broadband Subscriber Base

In the near term, Comcast’s top line is expected to reflect a slowing broadband subscriber base due to hybrid-working trends and increased competition from fixed wireless and fiber-based wireline networks. In the third quarter, Comcast lost 18K domestic broadband customers. Moreover, it lost 490K video customers.

The Zacks Consensus Estimate for the company’s 2023 revenues is pegged at $120.71 billion, indicating a 0.59% year-over-year decline. The consensus mark for earnings is pegged at $3.93 per share, indicating year-over-year growth of 7.97%.

Comcast is investing $280 million in 2023 to expand broadband access, offering multi-gigabit Internet speeds to more than four million locations as well as extending services to more homes and businesses in Oregon and Washington. The company is dedicated to advancing digital equity in communities throughout Oregon and Washington.

It aims to provide the communities with donations, in-kind services and expanding fiber-rich network improvements that will bring forth 10x faster upload speeds than they have now.

Comcast plans to launch a new device that is "storm ready" with cellular and battery backup to keep customers connected during power outages.

To promote digital equality, this Zacks Rank #2 (Buy) company came up with Project UP, backed by a $1 billion commitment to empower the community falling under low-income groups. It encompasses Internet Essentials, Lift Zones, Digital Navigators and Comcast RISE. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Shares of CMCSA have returned 21.8% compared with the Zacks Consumer Discretionary sector’s rise of 12.4%.

However, it faces stiff competition in its broadband and wireless connectivity business from players like Charter Communications (CHTR Quick QuoteCHTR - Free Report) , Verizon Communications (VZ Quick QuoteVZ - Free Report) and AT&T (T Quick QuoteT - Free Report) . Shares of Charter have surged 19.7% year to date. Shares of Verizon and AT&T have declined 5.1% and 12% each year to date, respectively.