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Comcast stock falls on downgraded broadband subscription guidance

Shares of Comcast fell on Tuesday after Comcast Cable president and CEO Dave Watson said the company expects an additional 1.3 million high-speed Internet customers this year. That’s analysts’ expectations for 1.4 million subscribers, according to FactSet consensus.

The company’s shares closed down more than 5% on a green day for tech stocks. Watson’s comments were made at the UBS Global TMT Conference.

This figure shows that Comcast was able to add 185,000 new high-speed Internet customers in the fourth quarter, much lower than the 538,000 the company added in the same quarter last year.

This is the second time this year that Comcast has released early guidance on broadband subscriptions that have sent the stock lower. Comcast CFO Michael Cavanagh previously warned in September that the company expected broadband additions to slow in the third quarter.

Investors were concerned about a slowdown in the broadband segment after Pandemic caused by covid-19 promote growth of internet services. Comcast shares are down about 19% from their 52-week high on September 3, 2021.

Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC.

https://www.cnbc.com/2021/12/07/comcast-shares-dip-on-lowered-broadband-subscriber-guidance.html Comcast stock falls on downgraded broadband subscription guidance

Sunbiz

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