reports
- Jonathan Chaplin
Conflicting expectations in mobile and broadband
In our Broadband Trends report published this week, we show that bottom-up forecasts are well below our top-down forecast. The disconnect is all in Cable, and mostly in Comcast. We don’t have enough conviction in our top-down forecast to make a call on Comcast, particularly ahead of 1Q25 results where management has provided very clear context on trends, but we suspect results for the year won’t be as bad as feared. By contrast in our Wireless Trends report last week, we showed that our forecas...
- Jonathan Chaplin
Further thoughts on tariff impacts on Fiber and Cable
We published our quick take on tariff impacts on Mobile and Broadband stocks last week. We haven’t learned much over the last week that would change our initial take for Wireless, or for Broadband revenues and costs. We hosted a lunch with Shentel yesterday that provided some new insights on the impact to fiber capex, with implications for Cable.
- Jonathan Chaplin
- Jonathan Chaplin
4Q24 Broadband Trends: Our broadband forecast
In this report we highlight a disconnect between our top-down forecast and our and “Consensus” bottom-up forecast for broadband subscribers. Either market growth is much worse than it appeared at the end of 2024, or Cable adds will be better than expected. We also update our top-down forecast and reprise our work on competitive positioning of the operators based on relative cNPS scores.
- Jonathan Chaplin
- Jonathan Chaplin
4Q24 Wireless Trends: Expectations for net adds are too high
This report focuses on drivers of subscriber growth in 2025. Expectations for net adds are too high, though expectations for service revenue and EBTDA look fine. We also reprised our work on comparative NPS, provide a comprehensive review of 4Q24 trends, and update our long-term forecast
- Jonathan Chaplin
Comcast Pre-1Q25 Model Update
We aren’t bringing any fresh insights with this update; its overdue; we are just aligning our model with recent management commentary at investor conferences. Our broadband losses for 1Q25 remain unchanged and we don’t expect Consensus to change materially. Changes to financial estimates are minor. No change to thesis. Price target is $44 (+21%).
Comcast Accelerates Virtualization and AI Technologies Throughout the ...
PHILADELPHIA & RA’ANANA, Israel--(BUSINESS WIRE)-- and today announced that Comcast will use DriveNets’ Network Cloud solution to expand the trial of Janus, its initiative to virtualize and embed AI innovation through the core of its network to maximize performance and continue delivering superior Internet connectivity. Comcast launched the first trial of Janus in Atlanta in September 2024, making it one of the first network operators in the world to virtualize and disaggregate the core of its transport network to further enhance the flexibility, reliability, and resiliency of its connectivi...
Charter and Comcast Launch Satellite Connectivity for Mobile Devices
STAMFORD, Conn. & PHILADELPHIA--(BUSINESS WIRE)-- Charter Communications (NASDAQ: CHTR) and Comcast (NASDAQ: CMCSA) today announced that their respective mobile businesses, Spectrum Mobile and Xfinity Mobile, have launched satellite-based services through a collaboration with Skylo, a non-terrestrial network (NTN) service provider. The feature is now available on Samsung’s Galaxy S25 and Google Pixel 9 devices and will provide customers with access to emergency messaging services when their device is not connected to either a cellular or WiFi network. The ability to send and receive SMS text m...
David Novak to Chair Comcast’s “SpinCo”
NEW YORK--(BUSINESS WIRE)-- Comcast Corporation (Nasdaq: CMCSA) today announced that David Novak will become Chairman of the Board of Directors of “SpinCo,” the company’s planned spin-off of select media brands and digital businesses. Mr. Novak previously served as the Co-Founder, Chairman and CEO of YUM! Brands, Inc. and will bring nearly 40 years of experience leading and growing well-known consumer brands to the new company’s board. SpinCo will be a leading independent publicly traded media company comprised of well-known brands, including USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and Gol...
Xfinity Communities Launches ‘Connected Building’ with Industry-First ...
PHILADELPHIA--(BUSINESS WIRE)-- , which serves multifamily properties nationwide, has introduced Connected Building, an end-to-end networking solution designed to deliver always-on, property-wide WiFi. The Connected Building solution transforms the way multifamily property owners achieve modern connectivity – both in unit and building-wide – at a price point much lower than traditional managed WiFi solutions. Demand for property-wide network infrastructure is growing among both residents and property owners. Residents expect reliable connectivity for work, streaming, and gaming, while propert...
Comcast Unveils Industry-First Gateway Designed for Apartment Building...
PHILADELPHIA--(BUSINESS WIRE)-- Comcast has launched a new, innovative gateway with Tri-Band WiFi 6E technology that delivers faster speeds, lower latency, and ‘Instant On’ connectivity to apartment residents. The gateway allows building owners to activate additional networks to power Smart technologies and provide residents and building staff with seamless WiFi coverage across an entire property. This industry-first, award-winning product is purpose-built and retrofit-friendly for the multifamily segment. It combines cutting-edge technology with space-saving and wall-mountable design to deliv...
Comcast Brings Multiview to Millions More Xfinity X1 Customers Ahead o...
PHILADELPHIA--(BUSINESS WIRE)-- Just in time for the start of the men’s and women’s , Comcast today announced the expansion of Xfinity Multiview to more devices, giving millions of additional customers a new way to experience all the excitement of March hoops. With Xfinity Multiview, X1 customers can watch up to four live games at once, all on the same screen. This press release features multimedia. View the full release here: Comcast expands Xfinity Multiview to more X1 devices “With 164 basketball games airing over the course of a few weeks, March is the perfect time to introduce Xfinity Mu...
IOC and Comcast NBCUniversal Agree on Groundbreaking Partnership for t...
LAUSANNE, Switzerland & PHILADELPHIA--(BUSINESS WIRE)-- The International Olympic Committee (IOC) and Comcast NBCUniversal have agreed on a new groundbreaking partnership for the new digital era, taking advantage of the opportunities offered by the rapidly developing media landscape and the unique expertise of the global media and technology company. The agreement includes not only the media rights on all platforms in the United States of America for the Olympic Games through to 2036, but also new, innovative joint strategic initiatives and projects. The partnership, which was approved by th...
Comcast Upgrades Speeds for More Than 20 Million Xfinity Internet Cust...
PHILADELPHIA--(BUSINESS WIRE)-- Today Comcast announced that it has upgraded Xfinity Internet speeds for more than 20 million customers for no additional cost. Xfinity Internet tiers, and the NOW branded prepaid products, will benefit from 50 to 100 percent faster upload speeds than before, helping customers upload large files in a flash when working from home or posting videos to social media in seconds. Download speeds will also increase for most Internet tiers. This press release features multimedia. View the full release here: Comcast upgrades Xfinity Internet speeds for more than 20 milli...
- Blair Levin
NSR Policy: What Does BEAD State Bidding Tell Us?
Last week, we provided several notes analyzing how Congressional Republicans and the Administration, as well as others, were debating changes in the BEAD program. While that rhetoric pointed to significant changes ahead, the states have been proceeding under the existing rules set in the Biden Administration, making significant progress in ways generally not reflected in the DC discussions. In this note, we summarize the state activity and ISP bidding to date. We analyze what the state activi...
Comcast Business Highlights Technology Powering Modern Businesses in L...
PHILADELPHIA & PONTE VEDRA BEACH, Fla.--(BUSINESS WIRE)-- Comcast Business today announced the launch of a new multichannel brand campaign, titled “Powering the Engine of Modern Business,” highlighting its capabilities as a global enterprise technology partner. Debuting today, the campaign includes three TV spots depicting real-world scenarios the company has deployed for its customers. The TV spots feature cameos from Billy Horschel, golf legend Tom Watson and Golf Channel’s Rich Lerner, with narration from Josh Brolin. Comcast Business also announced a new two-year agreement with eight-time ...
Comcast Business Tees Up Next-Level Fan Experiences at THE PLAYERS® Ch...
PHILADELPHIA & PONTE VEDRA BEACH, Fla.--(BUSINESS WIRE)-- is elevating the fan experience at with advanced technology solutions that bring fans closer to the action – on and off the course. Set to take place March 11-16 at the iconic PLAYERS Stadium Course at TPC Sawgrass, this year's tournament leverages Comcast Business's advanced connectivity, secure network solutions, and Internet of Things (IoT) technologies from MachineQ, a Comcast Company, to deliver an unparalleled experience for golf enthusiasts both on-site and around the world. “Comcast Business is redefining the golf experience,...
Comcast and MIT Media Lab Bring Live Footage and Never-before Seen 3D ...
PHILADELPHIA--(BUSINESS WIRE)-- Comcast’s Xfinity today announced it is collaborating with MIT Media Lab to bring live footage, real-time photos and educational resources from online at and into the homes of viewers across the country through a one-of-a-kind viewing experience available on Xfinity X1. This press release features multimedia. View the full release here: Immersive viewing experience of MIT's historic lunar mission available on Xfinity X1. (Photo: Business Wire) “Comcast has been a proud member of MIT Media Labs for almost 20 years, and we’re honored to be working with them to h...
Comcast Business Offers Customers Enhanced Speeds, 99.99% Network Reli...
PHILADELPHIA--(BUSINESS WIRE)-- today announced the expansion of its long-standing , providing symmetrical speeds, a guaranteed network uptime Service Level Agreement (SLA), and proactive network monitoring to a million more businesses across the country – all delivered over its advanced network. is an advanced connectivity solution that has been delivering reliable, high-performance Internet services for over a decade. The expanded solution provides businesses a direct Internet connection with symmetrical speeds, robust SLAs including 99.99% network uptime, and proactive network monitorin...
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