Comcast shares dropped 12% Thursday morning after the company reported a loss of nearly 140,000 residential broadband customers in the fourth quarter and a stagnating subscriber base for its Peacock streaming service.
While the company announced quarterly results higher than Wall Street estimates, the disappointing news on subscribers sent the stock tumbling.
The stock was trading below $33 a share after shedding more than $4.50 after the earnings announcement.
Comcast said it lost 139,000 domestic broadband customers, a larger number than the 100,000 subscribers Comcast Cable CEO Dave Watson had signaled during an investor conference in December because of the "completely intense" market, the report said.
The company said the losses were impacted by Hurricanes Helene and Milton.
On Thursday's investor call, Comcast President Mike Cavanaugh called the losses "disappointing and worse than what we indicated in early December," CNBC reported.
At the same time, Comcast said Peacock had 36 million subscribers, which was flat from the previous period and lower than the 37.56 million Wall Street had estimated.
But the company reported $31.92 billion in revenue, beating estimates of $31.64 billion.
