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Comcast stocks dip on broadband subscriber steerage that presentations slowing enlargement

Stocks 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 consumers for the yr. That is in need of analyst expectancies for 1.4 million subscribers, according to a FactSet consensus.

The corporate’s inventory closed down greater than 5% on an another way inexperienced day for tech shares. Watson’s feedback had been made on the UBS International TMT Digital Convention.

The determine implies Comcast would possibly upload 185,000 new high-speed web consumers all over the fourth quarter, some distance underneath the 538,000 it added in the similar quarter ultimate yr.

It is the second one time this yr Comcast has supplied early steerage on broadband subscribers that brought about the inventory to dip. Comcast CFO Michael Cavanagh had up to now warned in September that the corporate anticipated broadband additions to sluggish all over the 3rd quarter.

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

Disclosure: Comcast is the landlord of NBCUniversal, guardian corporate of CNBC.

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