Comcast Business (NASDAQ: CMCSA) may still be a relatively small player in the large business space when compared to large incumbent telcos, but the company is already making headway with a number of multisite businesses.
Speaking to investors during the third quarter earnings call, Neil Smit, CEO of Comcast's cable division, said that it has scored a number of large high profile service deals.
"We have managed services contracts with 20 large customers already and have signed multiple eight figure deals," said Smit during the earnings call.
As a continuation of the momentum it gained with small to medium sized businesses (SMBs), the cable MSO launched a new division in the quarter focused on Fortune 1000 customers.
This division will put Comcast Business in direct competition with large telcos like AT&T (NYSE: T) and Verizon (NYSE: VZ).
Like the SMB markets, the new enterprise-grade organization will extend its growing portfolio of managed solutions that include broadband, Ethernet, voice, router, security, business continuity and Wi-Fi services. The new product portfolio will be branded "Managed Enterprise Solutions."
"We're targeting the Fortune 1000 companies that have 300 locations or more," Smit said. "If you think about it, this type of enterprise customer means we're looking at entities with branches such as banks, restaurants, retailers and those are an assembly of small customers."
The cable MSO's business revenue rose 19.5 percent to $1.2 billion. The company said this was the second largest contributor to cable revenue growth for 18 of the last 19 quarters.
Cable Communications increased 6.3 percent to
Overall consolidated revenues grew to $18.7 billion, with TV programming, film and theme parks in its NBCUniversal division continuing their growth pace.
For more:
- see the earnings release
- listen to the webcast (reg. req.)
Editor's Corner: Comcast Business threatens Verizon, AT&T with enterprise unit, but VPN, mobility, and scale remain key issues
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