(Bloomberg) — Comcast Corp. shares slid Wednesday after Chief Financial Officer Jason Armstrong said he sees no improvement in broadband subscriber losses in the current quarter, a sign competitors are offering lower prices that lure customers away.
Armstrong said he sees rivals offering rates for broadband access in the range of $30 to $40 a month for speeds of 1 gigabyte a second, prices that he said makes it hard to show a return on investment.
“That, to us, is not a rational price point,” Armstrong said at a Goldman Sachs Group Inc. conference.
Comcast shares fell as much as 8% in New York to $24.19. Rival Charter Communications Inc. was down 6.3%.
Comcast has been facing tough competition from cable and wireless phone companies that are pushing bundled home internet and mobile plans in an effort to lure new customers and keep existing customers around longer.
Charter is advertising a one-gigabit home internet plan through its Spectrum brand for $60 a month for a year. Cable company Optimum Communications Inc., which serves areas including New York, advertises a one-gig fiber plan for $25 a month. Wireless leader Verizon Communications Inc. is promoting its Fios fiber plan for $30 a month, although to reach gigabit speeds customers must pay $80.
Comcast is currently advertising its Xfinity internet service for $50 monthly at gigabit speeds.
Philadelphia-based Comcast, which recently announced plans to split off its media properties from its connectivity businesses, has struggled with ongoing losses of cable-TV and home internet customers.
Armstrong said he sees room for “modest” improvement in the trajectory of the company’s third-quarter earnings before interest, tax, depreciation and amortization, and forecast improvement in broadband customer trends for the full year.
Regarding Comcast’s theme park business, Armstrong said the “softness in Orlando” that the company articulated in the second quarter is continuing in the current period. “It’s sort of equal parts, a little bit macro, gas prices, airfare, that’s impacting the market a little bit,” the CFO said.
(Adds pricing in second paragraph.)
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