Slowdown at Comcast

Comcast had its worst day in a year-and-a-half after the owner of NBC and Universal Pictures warned it was seeing a slowdown in new cable customers.

Speaking at a BofA Securities investor conference Tuesday, Comcast Chief Financial Officer Michael Cavanagh said the COVID-19 pandemic continues to disrupt Comcast’s business.

“What we’re seeing in the most recent past like the tail end of August is a little bit of a slowdown in the net adds in the cable business,” Cavanagh said. “So, in the third quarter, we’ll trend in line for third quarter net adds with historical averages for third quarter, but we’ll be behind the third-quarter 2019 which was a record third quarter.”

Comcast is scheduled to report third-quarter earnings in late October. Its stock closed at a three-month low of $55.59 Tuesday.