Comcast (CMCSA): Who Needs Phone Co. Fiber-To-The-Home?

Investing

Published: July 26, 2007 6:30 am

At Comcast (CMCSA) revenue for the quarter rose 31% to $7.7 billion. Net income was up up 28% to $588 million.

Cable evenue increased 12% to $7.3 billion for the second quarter of 2007 reflecting continued strong consumer demand for Comcast’s services and the success of the Comcast Triple Play. The company:

— Added 823,000 new digital cable subscribers in the second quarter of
   2007 — the highest level of quarterly digital additions in Company
   history
— Ended the quarter with more than 14 million or 59% of video subscribers
   taking digital services — an increase from 48% digital penetration one
   year ago
— Installed a record 2.1 million digital set-top boxes in the second
   quarter of 2007 — roughly equal to that deployed in the previous six
   months combined

High-speed Internet revenues increased 20% to $1.6 billion in the second quarter of 2007, reflecting a 1.9 million or 18% increase in subscribers from the prior year and stable average monthly revenue per subscriber of approximately $43.

In VoIP:

— Added 671,000 Comcast Digital Voice (CDV) customers during the quarter
and surpassed 3 million CDV customers and 8% penetration
— CDV service now marketed to 38 million homes representing 79% of
Comcast’s footprint

Phone revenue increased 98% to $420 million in the second quarter of 2007

It is clear that the phone companies still have a problem. Fiber-to-the-home may simply be coming too late.

Douglas A. McIntyre

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