Comcast (CMCSA) Stock Falls 8% After Broadband Subscriber Warning at Goldman Conference
TLDR
- Comcast fell about 8% Wednesday after warning Q3 broadband subscriber losses won’t improve year over year
- CFO Jason Armstrong said full-year losses are expected to improve, but not in Q3
- Fiber overbuild in Comcast’s markets has accelerated to 4%-5% annually, up from a historical 2%-3%
- Share repurchases have been paused due to the planned separation of its connectivity and tech businesses from NBCUniversal and Sky
- Stock is now down about 13% year to date, well behind the broader market’s 12% gain
Comcast (CMCSA) stock fell around 8% on Wednesday after management delivered a cautious outlook on broadband at a Goldman Sachs conference, extending losses into a fourth straight session. The stock was trading near those lows as the session progressed.
CFO Jason Armstrong told the conference that while Comcast expects full-year broadband subscriber losses to improve compared to last year, Q3 is not expected to show that same improvement. That gap between the quarterly and annual outlook is what rattled investors.
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