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Comcast failed to add broadband subscribers in Q2, stock plunges

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Yahoo Finance Live anchors discuss Comcast earnings and news that the cable giant didn't add any subscribers in the second quarter.

Video Transcript

JULIE HYMAN: Comcast, the shares are down the most a single day in two years. Zero addition of customers to its broadband last quarter, which is just kind of stunning here. Analysts were looking for 83,000 new subscribers. None of them have predicted no growth. So this was really a surprise here. And you can't blame it on cord cutting because it's the internet service. So I don't know what's going on here.

BRAD SMITH: You know, here's the other thing that is a red flag. Peacock paid subscribers stayed relatively flat, 13 million. And that's after what they described as a very strong first quarter that was driven by a variety of extraordinary programming.

So the larger question is, sans the programming, sans more of the flashy titles in the content that are going to get people to sign up in a paid capacity, and not just some of the subsidized accounts, do you see that number tick up, or does it continue to remain relatively flat over an extended period of time, even as you know there's going to be more of a competition from the other likes of the ad tier programs that are going to be launching very soon from Netflix and then even more so continued competition that they're going to see from the Disney family of products with Hulu and Disney+ as well for them.

BRIAN SOZZI: Bad quarter for AT&T, not a good quarter for Verizon. This continues. Another disappointment.

JULIE HYMAN: Yeah. And part of this, by the way, also has to do with household creation, or lack thereof. The housing market is slowing down. You're not going to get internet service at your new house. And they lost 521,000 video subscribers. So that's people cutting the cord or not renewing for whatever reason.