Comcast inventory dips on lowered broadband subscriber steering

Shares of Comcast dipped Tuesday after the president and CEO of Comcast Cable, Dave Watson, stated the corporate expects so as to add 1.3 million high-speed web prospects for the yr. That is in need of analyst expectations for 1.4 million subscribers, per a FactSet consensus.

The corporate’s inventory closed down greater than 5% on an in any other case inexperienced day for tech shares. Watson’s feedback have been made on the UBS International TMT Digital Convention.

The determine implies Comcast could add 185,000 new high-speed web prospects in the course of the fourth quarter, far beneath the 538,000 it added in the identical quarter final yr.

It is the second time this yr Comcast has offered early steering on broadband subscribers that triggered the inventory to dip. Comcast CFO Michael Cavanagh had beforehand warned in September that the corporate anticipated broadband additions to gradual in the course of the third quarter.

Traders have feared a slowdown within the broadband section after the Covid-19 pandemic fueled web companies development. Shares of Comcast are off about 19% from the 52-week excessive hit on Sept. 3, 2021.

Disclosure: Comcast is the proprietor of NBCUniversal, father or mother firm of CNBC.