Comcast Stock Drops After Earnings Beat. Here’s Why.

Comcast stock is falling Thursday despite reporting earnings that surpassed estimates. The company’s broadband internet division experienced a surprise loss of customers and management’s outlook suggested further losses are ahead.

Comcast businesses include television networks NBC and CNBC, its Universal Studios theme parks, the Peacock streaming video service, and the Xfinity Mobile service. Still, those successes weren’t enough to lift Comcast’s stock, which was down 7.1% shortly after the market open. The S&P 500 was off 0.7%, while the Dow Jones Industrial Average was down 0.3%.

Comcast provides internet through Xfinity and faces competition from T-Mobile and Verizon , which offer contract-free monthly deals on wireless internet.

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