Comcast CMCSA recently announced that it would expand the availability of high-speed Internet services in Eagle Creek and Estacada, OR.
With the ongoing construction, Comcast expects to deliver the full suite of its services to approximately 1700 homes and businesses in the current year.
It aims to provide the community with a next-generation network and improvements that will bring forth 10x faster upload speeds than what they have now.
Since the past three years, Comcast has been in the network expansion project in Oregon to extend its broadband and other services to rural communities. It has made investments of about $504 million to develop technology in Oregon.
It believes that high-speed Internet access will develop businesses and lower unemployment rates in rural areas. CMCSA has expanded its services to more than 19,000 homes and businesses in Oregon in the last year and aims to serve the whole Oregon community with its low-cost programs.
Comcast Corporation Price and Consensus
Comcast Corporation price-consensus-chart | Comcast Corporation Quote
Comcast Expanding its Presence to Aid Top Line
Comcast is taking initiatives to expand its digital footprint in remote parts of America, providing deprived communities with Internet access.
In Mar 2023, Comcast announced its network expansion to serve more people in the growing Pueblo County area.
Comcast’s Project UP focuses on empowering the community falling under low-income groups. It encompasses Internet Essentials, Lift Zones, Digital Navigators and Comcast RISE.
The mission includes investing $1 billion in various initiatives to reach tens of millions of people over the next decade. It aims to provide them with the necessary skills, resources and opportunities to reduce digital inequalities within communities.
Comcast is on a path to deliver its latest Xfinity 10G network upgrade based on DOCSIS 4.0 technology that will evolve the broadband space much faster and at a lower cost than competitors.
Comcast Gaining Traction in the Broadband Space
Comcast’s fourth-quarter 2022 results reflected slowing broadband and customer relationships primarily due to the reversal of pandemic trends and challenging macroeconomic conditions.
Broadband prospects are suffering due to stiff competition in the wireless and fiber-optic network, having players like Verizon Communications VZ, Charter Communications CHTR and AT&T T.
Comcast added 365K wireless lines in fourth-quarter 2022, whereas Verizon, Charter and AT&T added 379K, 615K and 656K wireless lines, respectively.
Shares of Comcast have declined 21.7% in the past year underperforming the Zacks Consumer Discretionary sector, which plunged 21.6% in the same time frame.
Shares of Verizon, Charter and AT&T have declined 26%, 38.7% and 20.1% in the past year, respectively.
Comcast reported a 1.4% year-over-year revenue increase in fourth-quarter 2022. The wireless communications revenue increased 24.7% year-over-year to $883 million.
Moreover, this Zacks Rank #3 (Hold) 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.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
AT&T Inc. (T) : Free Stock Analysis Report
Verizon Communications Inc. (VZ) : Free Stock Analysis Report
Comcast Corporation (CMCSA) : Free Stock Analysis Report
Charter Communications, Inc. (CHTR) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.