Shares of Comcast fell on Tuesday morning after Comcast Cable President and CEO Dave Watson said the company expects 1.3 million more customers to use high-speed Internet this year. That was lower than analysts’ expectations of 1.4 million subscribers, according to FactSet consensus.
The company’s shares fell more than 5% in a green day for tech stocks.
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 have been concerned about a slowdown in the broadband segment after the Covid-19 pandemic spurred internet service growth. Comcast shares are down about 19% from a 52-week high on September 3, 2021.
Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC.
