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Comcast's (CMCSA) stock is sinking 13% after the firm reported that it had lost net totals of 139,000 broadband internet customers and 311,000 video subscribers last quarter.
The large declines drew investors' attention away from the company's stronger-than-expected Q4 results.
A couple watching their favorite show on TV, enjoying the entertainment network service.
Large-Scale Subscriber Losses
In broadband internet, the company's customer base declined by 139,000 to 31.8M, while its video business' net drop of 311,000 caused its subscriber total to sink to 12.1 million.
In December, Comcast Cable CEO Dave Watson told investors to expect the firm's broadband customer base to decline by a net total of 100,000. The larger-than-expected decline of broadband subscribers disclosed today is likely contributing to today's large losses by CMCSA stock.
Studio, Peacock Strength Helped Propel Q4 Results Above Expectations
CMCSA's studio revenue surged 6.7% versus the same period a year earlier to $3.27 billion, while the sales of its Peacock streaming service jumped 28% year-over-year to $1.3 billion.
Those two businesses helped the firm's overall Q4 results surpass analysts' average estimates. Specifically, its Q4 revenue came in at $31.9 billion versus analysts' average outlook of $31.6 billion, while it generated adjusted earnings per share of 96 cents, well above the mean estimate of 86 cents.
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Disclosure: None. This article is originally published at Insider Monkey.