Comcast's business unit lands small, midsized businesses as annual revenue nears $6 billion

Comcast's Business Services division is hitting an annual revenue run rate of nearly $6 billion and broadening its small business reach into mid-sized enterprises.

In the cable giant's fourth quarter earnings, Comcast highlighted business services revenue of $1.44 billion, up 14.5 percent from a year ago. For 2016, Comcast's business services revenue was $5.51 billion, up 16.1 percent.

Services to smaller enterprises represent one of Comcast's fastest growing businesses.

CEO Brian Roberts said on a conference call that "we have really hit our stride, ending the year with a nearly $6 billion revenue run rate and great traction across all three of the customer segments that we serve: small, medium, and enterprise."

Indeed, small businesses account for 70 percent of the unit's revenue and 60 percent of growth. Comcast appears to be gaining midsized enterprise customers via additional Ethernet sites.

Comcast is also likely to expand its reach with a wireless bundling partnership with Verizon. In addition, Comcast executives said they will be a player in 5G deployments.

The enterprise services unit results come as Comcast delivered a strong fourth quarter. The company posted fourth quarter earnings of 95 cents a share on revenue of $21.02 billion, up 9.2 percent. Comcast also upped its dividend and buyback plans and said it would deliver a 2-for-1 stock split.

For 2016, Comcast reported earnings of $3.57 a share on revenue of $80.4 billion, up 8 percent from a year ago. NBC Universal fueled Comcast's growth.

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