Comcast CMCSA recently announced that it is partnering with the City of Tacoma to advance digital equity in the region of South Puget Sound, as part of its Project UP.
Project UP is Comcast’s mission of investing $1 billion in various initiatives to reach tens of millions of people over the next 10 years to provide them with the skills, resources and opportunities needed to succeed in a digital world.
The company will be investing $300K into four different organizations whose mission of promoting digital equity is aligned with the company’s plans.
The Thrive Tacoma Business Fund (which will be awarded $150K from Comcast’s contribution) will extend support to small business owners from racial minority groups who have been impacted by the pandemic.
The Boys & Girls Clubs of South Puget Sound (awarded $50K from Comcast’s contribution) is a nonprofit organization that works toward providing education and enhancing programs to young people to bring out their potential.
Goodwill of the Olympics & Rainier Region (will be receiving $50K) will be working on increasing access to digital technology and providing free job training programs for people across its 15-county region.
TeamWrk (which will also receive $50K) will be distributing computers donated by Comcast to the teens to help them learn to use Teams, Zoom, and PowerPoint; create and edit podcasts, graphics, and video content; and learn other digital skills that support their school and career.
Project Up helps Comcast to expand its digital footprint in inaccessible parts of America. The program helps Comcast in addressing the needs of small and medium-sized business owners in these regions.
Comcast Expands Business Operations
The company is undertaking numerous initiatives to boost its prospects. It has started to work on making a network transition to DOCSIS 4.0 technology that will help it to expand much faster and at a lower cost compared to competitors in the broadband space.
Comcast Corporation Price and Consensus
Comcast Corporation price-consensus-chart | Comcast Corporation Quote
Comcast’s second-quarter 2022 results reflected slowing broadband user base addition, primarily due to the reversal of pandemic trends and increased competition.
Comcast’s Xfinity Mobile brand combines the nation’s largest and most reliable 4G LTE network with 19 million Xfinity Wi-Fi hotspots. This promises to deliver a great wireless experience, which can save up to 30% on the monthly wireless bills of customers with Xfinity Mobile service.
This Zacks Rank #3 (Hold) company added 317K wireless lines in the second quarter of 2022, causing wireless revenues to increase 30% to $722 million. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Comcast’s division NBCUniversal’s streaming service, Peacock is gaining significant traction due to its availability on Xfinity with X1 and Flex and is expected to aid growth even further through its original content from WWE and the NFL.
However, Comcast continues to face customer loss in the video segment where it is facing stiff competition from the likes of Netflix NFLX, Disney DIS and Apple AAPL.
Video revenues decreased 2.4% year over year to $5.42 billion in the second quarter of 2022, owing to continued cord-cutting.
Netflix and Disney+ are set to bring a cheaper ad-supported tier to attract new users. Apple TV+, at a much affordable $4.99, is benefiting from quality content with its strong portfolio of original shows and movies. This is further expected to increase competition for Comcast’s Peacock and video businesses.
However, Peacock is well poised to grow, owing to its vast library of IPs and new productions. Comcast is also planning to leverage Sky’s brand and scale to expand Peacock’s footprint internationally.
The upcoming launch of the Comcast-Paramount Global joint venture, SkyShowtime, in the Nordic countries of Denmark, Finland, Norway and Sweden is noteworthy. SkyShowtime promises solid content with thousands of hours of quality entertainment including the exclusive television premieres of first-run theatrical films from Paramount’s studios, Paramount Pictures and Universal Pictures.
Additionally, SkyShowtime will feature new premium scripted series, kids and family content as well as titles from the content library of Universal Pictures, Paramount Pictures, Nickelodeon, DreamWorks Animation, Paramount+, SHOWTIME, Sky Studios and Peacock.
Additionally, recovery in the park and movie business bodes well for Comcast’s profitability in the long haul.
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