Comcast Stock Falls as Bleeding Broadband Overshadows Earnings Beat

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Comcast lost 144,000 domestic residential broadband customers (Dreamstime)

Comcast stock was falling early Thursday after the cable and entertainment company’s quarterly earnings beat analysts’ expectations, but bleeding in the key broadband business continued at a worrying pace.

Comcast stock dipped into the red in premarket trading on Thursday, paring gains after the stock initially jumped near 2% following the company’s results.

Comcast reported revenue of $29.3 billion in the third quarter, narrowly beating expectations among analysts surveyed by FactSet, who had estimated revenue at $29.2 billion. There was a better outperformance in adjusted earnings per share (EPS), with $1.07 in per-share profit firmly outpacing estimates of 99 cents.

Overshadowing the better-than-expected top and bottom-line results is likely the reality of the company’s bleeding broadband business, which is the key division for investors.

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Comcast lost 144,000 domestic residential broadband customers, a bigger hit than analysts had expected, with forecasts of a reduction in just 131,000 customers.

Write to Jack Denton at jack.denton@barrons.com

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