Reports abound speculating on Comcast’s next empire-building move, but the company’s chairman and CEO Brian Roberts said he does not see the need to go shopping.
“While yes, we are always looking at the world around us … We love our business,” Roberts said. “I don’t see anyone [performing well] quarter after quarter in this space. We really feel that we aren’t missing anything.”
Roberts, on a conference call with analysts discussing his company’s Q2 2017 results, said Comcast is enjoying growth across the board in all of its business segments, tamping down speculation that the cable giant is looking at partnerships or combinations with carrier Sprint and fellow cable provider Charter Communications.
Absent from its earnings call were specific revenue numbers around Comcast’s wireless service, Xfinity Mobile, which the provider first announced in 2016 and began rolling out to customers in the middle of Q2.
“We’re excited about the prospects for Xfinity Mobile … While it’s still early days, the customer feedback confirms our belief that we have an attractive proposition in the market,” Roberts offered during the call.
Xfinity Mobile relies on Verizon’s 4G LTE network per a mobile virtual network operator (MVNO) agreement and Comcast’s own Wi-Fi hotspots. Dave Watson, Comcast’s president and CEO of Comcast Cable, added that most Xfinity Mobile customers so far are opting for the “by-the-gigabyte” data plans, rather than the unlimited data tier.
During the Q&A portion of the call, Roberts stressed that Comcast is satisfied with its MVNO agreement with Verizon for its wireless offering, and isn’t looking to scoop up any wireless provider to bolster its network.
For the quarter ended June 30, Comcast’s business services revenues increased 12.6 percent annually to $1.53 billion. Michael Cavanagh, Comcast’s senior executive vice president and CFO, attributed this “robust” growth to an increase in the number of small and midsized business customers, and “good momentum” in the provider’s Ethernet and voice product portfolio.
Cavanagh said that Comcast added 37,000 new business customer relationships during the quarter, with revenue per each business customer relationship increasing about 4.3 percent as customers buy new services from the cable giant. Comcast added 35,000 new high-speed internet business customers during the quarter, and 27,000 customers on its business voice services.
Cable Communications revenue also increased 5.5 percent to $13.12 billion, up from $12.44 billion. Comcast attributed this growth to increases in high-speed Internet, video and business services revenue.