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Comcast Brings Home the Bacon

Michael Harris
BroadBananas
Michael Harris
10/29/2008

4:35 PM -- In back-to-back quarters, Comcast Corp. (Nasdaq: CMCSA, CMCSK) has brought home the broadband bacon as America's largest MSO added more subscribers than the top two telcos combined. (See Comcast Reports Q3.)

Comcast reported it added a whopping 382,000 broadband Internet subscribers in the third quarter, 38 percent more than the combined broadband additions of AT&T Inc. (NYSE: T) and Verizon Communications Inc. (NYSE: VZ), which totaled 277,000 in the same period. Will the telcos ever be able to turn this disturbing trend around? (See Is 'Naked' DSL Hotter?.)

Comcast also added 483,000 voice customers, beating the combined total video subscriber additions of AT&T and Verizon, which rang in at 465,000. In other words, the top cable operator is still pilfering far more subscribers than the two largest telcos reciprocally rob. Given the challenges the telcos face in everything wireline, it’s a good thing their wireless businesses remain peachy. (See Wireless Rules.)

That’s not to say Comcast isn’t taking some hits from the economy and its competitors. The MSO lost 147,000 basic cable TV subscribers in the third quarter, far more than expected by Wall Street.

— Michael Harris, Chief Analyst, Cable Digital News

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