Comcast (CMCSA) Stock Is Plummeting 6.46% As It Issues A Warning About Slowing Subscriber Growth

Сurrently, Comcast (CMCSA) faces a slight growth of 1.85%, however, the weekly statistics show a dip of 6.46%. It reaches a new price mark of $56.81, accounting for positive dynamics. After soaring growth in the early phases of the coronavirus pandemic, cable giant Comcast announced a downturn in its cable business, prompting a drop in the company’s stock price. Subscriber additions for Comcast’s cable business—which includes the Xfinity-branded broadband, pay-TV, landline, and mobile phone units—slowed towards the end of last month, lagging behind the same period in 2019, before the pandemic, according to Comcast finance head Mike Cavanagh.

Comcast’s stock fell 7.3% on Tuesday as a result of the statement on subscriber growth, its worst one-day performance since March 2020. Charter Communications, Altice USA, and Cable One among others, have all seen their stock prices fall. In a letter to investors on Tuesday, Wells Fargo analyst Steven Cahall said the market swings suggested investors are concerned about how greater competition may impact future prices.

Miriam Bozini

Finance and Business Reporter