Shares of Comcast are down 7% in afternoon trading on Thursday after executive vice president Matt Strauss warned the company will lose between 100,000 and 150,000 video subscribers during its 2017 fiscal third quarter.
ADVERTISEMENT
Comcast warns it's going to lose as many as 150,000 video subscribers in the third quarter (CMCSA)
Shares of Comcast are down 7% following the news.
ADVERTISEMENT
Recommended articles
Speaking at a conference held by Bank of America Merrill Lynch, Strauss said this was the "most competitive quarter in recent memory" and that the destruction of Hurricane Harvey and increased competition in the US would drive the subscriber losses, Bloomberg says. Analysts were expecting the addition of 11,00 subscribers.
The warning from Strauss follows solid second quarter results that came with a hint the company was facing increased competition in its video business. Comcast announced a t
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Russia and China are much less sneaky than the West - DRC president
10 countries in Africa with the worst press freedom in 2024
FCMB Group sustains growth momentum, profit rises 192.6% in Q1 2024
DBNC 2024 impacts, sets the pace for entrepreneurs
Navigating success: Insights from a leading IT expert
US and French governments are lobbying Nigeria to host their military bases - report
Russian aid arrives in Niger amid growing bilateral ties
Kentucky Derby betting sites 2024: Where to bet on the races online