Comcast Corporation (NASDAQ:CMCSA) shares fell as the company unveiled that it will underwhelm in its third quarters.
The telecommunications giant projects a subscriber loss in its third-quarter results, according to an executive. Matthew Strauss, executive vice president for the company’s Xfinity services, said during a media conference that its subscription figures will fall by 100,000 to 150,000 over the period.
It’s a difficult time for Comcast due to a number of factors that have decreased the popularity of its subscription service, including increased efforts from other telecommunications giant that have been rolling competitive plans aimed at gaining its subscribers.
Additionally, the damage caused by Hurricane Harvey took a toll on Comcast and other telecommunications companies, while Hurricane Irma threatens to hurt its figures even further. Strauss said this is “the most competitive quarter” in recent history.
Another element that has been difficult for the company to compete with is in the form of ramped-up efforts by numerous companies to launch streaming TV and movie services at lower prices. The cable industry is paying the price, but it remains relevant as turning on your TV and flipping channels is a luxury that many hold dear.
Strauss added that the rest of Comcast’s third quarter figures are expected to be positive and hit their targets as CNBC and its other subsidiaries have continued to perform well.
CMCSA stock declined 6.2% Thursday.