Comcast shares fell as much as 8% on Wednesday. Chief Financial Officer Jason Armstrong signaled continued broadband subscriber losses for the third quarter during the Goldman Sachs Communacopia + Technology Conference.
Armstrong cited irrational and unsustainable pricing from competitors as the primary driver. Some fiber providers currently offer gigabit speeds for as low as $30 to $40 per month.
Management expects overall broadband subscriber losses to improve for the full year. However, the third quarter will not show year-over-year improvement due to intense competitive pressure from fiber and fixed wireless providers.
The warning impacted the broader cable sector. Shares of competitor Charter Communications fell more than 6% following the announcement.