Comcast's Internet Business Stalled by Housing Slowdown

Comcast fell the most in two years after its prized internet business added no new customers last quarter, its worst performance in decades, due to a housing slowdown and heavy competition. From a report: The largest US cable TV provider had added broadband customers in every quarter since at least 2005, according to data compiled by Bloomberg. Analysts were looking for around 83,000 new subscribers in the second quarter, and none of them predicted the gain would be in fact, zero. The shares slid as much as 9.9% on Thursday, their biggest intraday decline since March 2020. Rival Charter Communications, which reports earnings on Friday, dropped as much as 7.5%. "We expect the stock to face pressure absent forward-looking comments that suggest an improvement in broadband trends," New Street Research analyst Jonathan Chaplin wrote of Comcast. As home buying slows and competition among fiber and wireless broadband providers intensifies, the prospects of Comcast and its cable peers returning to prepandemic internet growth has become more challenging.

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