Comcast’s new contract
Comcast (CMCSA) has won a contract for broadband and video services from the Kraft Group. The contract is expected to boost Comcast’s business services arm, which has been posting strong revenue growth. The Kraft Group is a collection of many private businesses in fields like manufacturing, real-estate development, and professional sports. The Kraft Group owns the New England Patriots. The contract calls for Comcast to provide high-speed internet connectivity for Kraft employees. Comcast will also provide digital video services for the New England Patriots.
On the Internet side, Comcast will provide Kraft employees with broadband speeds of up to 1 Gbps. On the video side, Comcast said that it will provide its X1 for business experience in 88 luxury suites at Gillette Stadium. The company will provide video service on more than 1,000 television sets throughout the football stadium.
Annual business services revenues
Comcast’s business services operation generated $7.1 billion of revenues in 2018. The company said that the operation is closing in on $10 billion annual revenues. The business services operations brought $1.9 billion in revenues in the first quarter. The operations contributed 7.0% of Comcast’s total revenues of $26.9 billion in the first quarter. Comcast’s first-quarter revenues rose 17.9% YoY (year-over-year) and outpaced the revenue growth of 10.8% YoY at CBS (CBS), 5.2% YoY at Charter Communications (CHTR), and 2.9% YoY at Altice USA (ATUS). The revenues fell 8.0% YoY at Dish Network (DISH) in the first quarter.