Comcast broadband growth beats all Bells combined

Comcast (NASDAQ:CMCSA) reported 361,000 net additions to its broadband subscriber base in the third quarter, roughly doubling the combined numbers reported by AT&T (NYSE:T), Verizon Communications (NYSE:VZ) and Qwest Communications (NYSE:Q), according to Bernstein Research senior analyst Craig Moffett.

“There is no question but that Comcast is gaining broadband share,” Moffett said in a research note today. “There simply aren't any new occupied homes – whether owned or rented – available to serve.”

Comcast’s basic video subscribers fell by 132,000 subscribers, not as much as analysts, on average, had expected. And its voice base grew by 375,000 subscribers – also better than expected, probably helped by sales to small and medium businesses. In all, the company added more than 1 million revenue-generating units, while analysts, on average, expected 593,000.

The news comes a day after Cablevision’s third-quarter earnings (and 5% revenue growth in telecom services) suggested that the company has been able to defend its New York market share from Verizon in part due to the free WiFi in its service bundles.

But where Cablevision reported strong average revenue per video user, Comcast’s video ARPU has declined sequentially for the last three consecutive quarters and grew only 2.7% in the third quarter.