Comcast Stock Falls on Harvey, Competitive Worries

By ( Broadcasting & Cable ) published

Comcast shares dipped as much as 7% in afternoon trading Thursday after a top executive told an industry audience that the impact of Hurricane Harvey and continued competitive pressures could result in the loss of 100,000-to-150,000 subscribers in the third quarter.

Comcast stock was priced as low as $38.21 per share, down 7.2% or $2.96 each in early trading Sept. 7. The stock later rose slightly to $38.75 each (down $2.42 or 5.9%) by the afternoon.

At the Bank of America Merrill Lynch Media, Communications & Entertainment conference in Los Angeles Thursday, Comcast Cable executive VP of XFinity Services Matt Strauss said the impact of the hurricane, coupled with increased competition, could be substantial.

For more, go to multichannel.com.

Jessika Walsten
Jessika Walsten

Jessika is an analyst for TVREV and Fabric Media. She previously served in various roles at Broadcasting + Cable, Multichannel News and NextTV, working with the brands since 2013. A graduate of USC Annenberg, Jessika has edited and reported on a variety of subjects in the media and entertainment space, including profiles on industry leaders and breaking news.