Comcast Stock Sinks After Executive Warnings Of Broadband Subscribers Losses

What you need to know

• Comcast executives warned of the loss they expect to see in their broadband subscriber base during the fourth-quarter.
• Comcast sees its average revenue for each user also at the bottom of their previous estimation.
• Comcast shares fell 9% on intraday Monday.

Comcast’s (CMCSA), shares fell 9% in intraday trading on Monday, after a senior executive warned the company that they expect to lose 100,000 subscribers for broadband services during the current quarter.

Comcast Cable CEO Dave Watson told the UBS Global Media & Communications Conference in New York that while the company anticipates being in its estimated average revenue per user (ARPU) range of 3% to 4%, “we’ll be at the lower end of that range,” According to a transcription provided by AlphaSense

Watson stated that approximately 10,000 subscribers losses can be traced to Hurricanes Helen & Milton. Watson explained that rebates were given due to storms and lower end activity was related to timing of Affordable Connectivity program.

Watson pointed out that Comcast faced a "competitively intense" environment. He said that was especially true in the "more price-conscious end of the marketplace." Watson stated that competition intensity was pretty constant throughout the year. This continued into the fourth-quarter.

Shares of Comcast had been essentially flat on the year until Monday's declines. 

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