"[Broadband] is increasingly the focal point of our relationship with residential customers, it's the driving force behind our growth in business services and it's where we are investing our capital expenditure dollars," Chairman and Chief Executive Officer Brian Roberts said on its second-quarter earnings call on Thursday morning.
Comcast added 260,000 net broadband customers, which Roberts said was the company's best second-quarter performance there in a decade. The average Comcast household has 11 devices connecting via WiFi daily.
Shares of Comcast gained 2.5% to $34.26 per share, as the company reported earnings of 65 cents per share that beat expectations by a nickel. Revenues of $21.74 billion missed forecasts of $21.85 billion, however.
The Comcast boss downplayed the threat from streaming bundles of cable networks such as Alphabet's (GOOGL) - Get Alphabet Inc. Class A Report YouTube TV and Dish's (DISH) - Get DISH Network Corporation Class A Report Sling TV on the call. "We benefit more than we're losing," Roberts said of the impact from the upstarts. Over the top video services drive broadband usage, and provides NBCUniversal with more outlets to sell its content.
Earlier in July, Comcast bowed out of its bidding war with Disney (DIS) - Get Walt Disney Company Report for a portfolio of Fox film, television and pay-TV distribution assets. The Philadelphia cable operator has a $34-billion deal to buy European satellite TV company Sky.
Roberts also denied that Comcast needs more scale. "Today's great results show that our company has scale, that it's working well -- maybe even better than that," he said. "A number of our products were the market leader, best in class. That comes with scale."
Fox was a "unique opportunity," Roberts said. Comcast "had regulatory belief that it was approvable in the United States," he added. When Disney raised its bid to $71.3 billion, Roberts said, Comcast's leadership thought they could not "build enough shareholder value" if it continued to bid up the price.
"We're focused on Sky now,"he said. "We think it's a great business. It will fit well. It's a great use of capital."
Meanwhile, Comcast's Xfinity Mobile added 204,000 net accounts, bringing its total to more than 780,000 subscriptions.
NBCUniversal's cable networks were a bright spot, growing by 8.2%. Telemundo scored its highest ratings ever for the broadcast of Mexico's win over Germany in the World Cup.
As far its movie business, even though "Jurassic World: Fallen Kingdom" is on track to be one of top 15 grossing movies of all time, according to Comcast, the adventure hit launched late in the second quarter and could not salvage overall results for the film unit, which reported a 20% decline in revenue and 52% drop in Ebitda. The film business faces tough comparisons to the second quarter of 2017, which included releases of "Fate of the Furious," featuring the late Paul Walker, and home releases such as Jordan Peele's breakout horror film "Get Out."
The performance of Comcast's cable and broadband unit was "bittersweet" given the company's pursuit of satellite TV provider Sky, and previously the Fox media production assets, MoffettNathanson LLC analyst Craig Moffett suggested in a Thursday report. "Cable is doing really well, and yet Comcast is doing its level best to become something other than a cable company," he wrote.