Investing.com - Comcast Corporation's (NASDAQ:CMCSA) shares plunged on Thursday after the company warned that it expects to lose 100,000-150,000 video subscribers in the third quarter, versus prior expectations for a gain, due to increased competition and Hurricane Harvey.
Speaking at Merrill Lynch's investor conference, Comcast's executive vice president for Comcast's Xfinity services Matt Strauss said that the current quarter is the "most competitive in recent memory.” Even though the company is expecting a drop in subscribers, it is expecting its financials to be “in line”.
Comcast's shares fell as much as 7% in early trading, but have since regrouped a bit and were recently down 5%.