Comcast shares drop as subscriber growth slows

fell last winter over concerns of possibly slowing growth of new users, though Facebook rallied after boss Mark Zuckerberg told investors he was slowing his costly investment in the Metaverse program.

Over the past year, Comcast shares have trailed rivals AT&T, Verizon and Disney but lost less than cable giant Charter Communications, which on Wednesday joined Comcast in announcing a”There have been “a lot of dislocations in the market. A lot of media stocks have been under pressure, especially in the last couple of weeks,” John Hodulik, an analyst for UBS, said in the conference call. He asked if Comcast may see the period as an opportunity for acquisitions.

Comcast reported 34.4 million customers use its Xfinity consumer Internet, video, and wireless of March 31, up 2.7% from a year earlier. They paid an average of $160.67 a month, up 1.6% from a year earlier. The company signed 262,000 new broadband customers, but lost 512,000 video customers, during the quarter as Comcast reduced cut-rate promotions.

Revenues from residential broadband Internet, Comcast’s largest business, rose during the quarter , as did business services. Roberts said that Comcast had ended free services to customers it had given special access earlier in the pandemic. The company said about a quarter of those previously receiving free access were now paying customers.

Video sales through its traditional U.S. cable business declined, and sales and customer counts were down at Comcast’s largely UK- , German-language and Italy-based Sky businesses, as Italian pro soccer moved to other operators. Sky’s profitability improved.

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