Comcast drops 7% on persistent broadband losses and ’irrational’ fiber pricing

Comcast Corporation (NASDAQ: CMCSA) shares sank 7% on Wednesday after executives struck a cautious tone at the Goldman Sachs Communacopia + Technology Conference, pointing to persistent struggles in the company’s broadband business. Charter Communications also fell 5% as the broader sector sold off.

Speaking at the event, Comcast Chief Financial Officer Jason Armstrong said fiber broadband pricing has become “irrational” and that the company does not expect improvement in third-quarter broadband subscriber losses. Despite those pressures, Armstrong said Comcast still expects a “modest” improvement in its third-quarter EBITDA trajectory.

Comcast’s core broadband unit is confronting intense competition from fiber-optic network providers that have adopted aggressive pricing tactics. KeyBanc analyst Brandon Nispel warned of downside risk, explaining that an accelerating subscriber-loss trend could force additional reductions in average revenue per user (ARPU) to steady the customer base, a cycle that shows little sign of ending.

Consensus forecasts currently project 89,000 domestic residential subscriber net losses in the third quarter of 2026, compared with 91,000 losses in the third quarter of 2025. KeyBanc, however, expects a sharper decline of 125,000 subscriber losses in the quarter, a figure well beyond the consensus view.

Nispel emphasized that competitors offering gigabit speeds for $30 to $40 a month will keep Comcast from achieving year-over-year improvement in broadband net additions. While the hypercompetitive environment weighs heavily on cable providers, it could be a net positive for telecom carriers’ subscriber growth, although major players such as AT&T have also recently acknowledged facing similar fiber ARPU constraints.