Comcast slides after CFO calls rival fiber pricing 'irrational'
-6.61% to $24.59 from $26.33
What moved CMCSA
- Comcast CFO Jason Armstrong told the Goldman Sachs Communacopia + Technology Conference that fiber-broadband pricing from rivals has become ‘irrational.’
- Armstrong said the company expects no improvement in third-quarter broadband subscriber losses, sending Comcast shares down as much as 8%.
- The comments dragged down cable peers, with Charter Communications falling roughly 6% and T-Mobile slipping about 3% in sympathy.
- In its most recent quarter, Comcast’s domestic broadband revenue was down 5.5% year over year amid intensifying competition from fiber and fixed-wireless providers.
Sources: Bloomberg · 24/7 Wall St. · Investing.com