Comcast saw shares tumble 6.19% on Thursday in its worst day of the year to see prices hit their lowest level since July 2020, despite the telecoms company beating on both ends with EPS of $0.86 on revenues of $31.01bn.
Broadband subscribers continue to slow. Comcast reported 262k additions, but its earnings call revealed that number is actually 180k if you exclude those that converted after enjoying a free service during covid – so basically less people actually signed up.
There is good news though. Its Peacock streaming service saw revenue surge 44% to 13m, helped by a sign-up rush related to the Winter Olympics and the Super Bowl. Its cable TV segment, however, lost a record number of subscribers, causing concern for the entire cable industry and sending related companies lower in sympathy.