Bloomberg reports that Comcast's stock price took its biggest drop in over a year on Thursday, "after reporting drops in broadband and cable subscribers, and predicting more losses to come." Cord-cutting and increasing competition have eroded Comcast's traditional customer base. The company, which owns Xfinity, the NBCUniversal media empire and SkyTV, lost 490,000 cable-TV customers in the third quarter, better than analysts expected but part of an ongoing trend as consumers switch to streaming services like Netflix. It also lost 18,000 broadband subscribers in the quarter, with nearly all of those residential customers. Analysts had predicted Comcast would instead gain 10,900 residential broadband customers.

Shares fell as much as 8% on the news Thursday, their biggest intraday decline since July 2022.

"Growth has halted for Comcast — the largest US broadband provider, with 32 million homes," said Bloomberg Intelligence senior media analyst Geetha Ranganathan. "The company derives 80% of profit from cable, where, even after a pandemic-demand surge, broadband has been hurt by fierce competition and low-move activity among customers." Comcast expects "somewhat higher subscriber losses" in the fourth quarter due to pullback on promotional offers that targeted lower-end customers, Chief Financial Officer Jason Armstrong said on a call with investors. Revenue per customer climbed, however, in part because of price increases and promotions of higher-rate plans.

Broadband is becoming increasingly competitive as mobile providers move into the market with improved wireless internet offerings. In the past week, the Big Three — T-Mobile US Inc., AT&T Inc. and Verizon Communications Inc. — all reported subscriber gains.