Comcast executives said the company's focus would shift to growing its mobile business after a bigger-than-expected loss of broadband customers. Broadband customer growth has lagged in recent quarters as competition from wireless providers has ramped up.

Comcast has described the loss of 139,000 broadband subscribers in the fourth quarter as disappointing. The performance cast a shadow over the success of Wicked for the Sky owner. The movie, at over $700 million at the global box office, has become the highest grossing film based on a Broadway musical.

Comcast stock fell double digits on Thursday after the company reported a bigger-than-expected drop in broadband customers and failed to add more subscribers to its Peacock streaming service.

Comcast Corp. shares fell 11% to their lowest level in more than two years after the company reported broadband subscriber losses that exceeded expectations and said “intense” competition in that business would continue.

Comcast reported a steep decline in broadband subscribers for the fourth quarter on Thursday on competition from telecom firms that have been bundling 5G mobile services with internet plans, sending its shares about 11% lower.

Comcast continued to experience subscriber declines in its land-based broadband Internet and cable TV services during the fourth quarter. This article, Comcast sheds broadband, cable TV subscribers in Q4,

Comcast shares dropped 12% Thursday morning after the company reported a loss of nearly 140,000 residential broadband customers in the fourth quarter and a stagnating subscriber base for its Peacock streaming service.