Cable giant Comcast is looking to the wireless business for growth.
Comcast executives said Thursday the company will shift its focus to its mobile business after reporting a loss of 139,000 residential broadband customers during the fourth quarter.
Broadband has long been the growth engine of the cable industry, especially after the exodus of cable TV customers. Although broadband segment revenue remains stable, Comcast, like its cable peers, has been in the midst of a slowdown in customer growth, which has concerned investors in recent years.
Shares of Comcast fell 11% Thursday.
Company executives said during Thursday’s earnings call with investors that the company will shift its strategy to package mobile with broadband in a bid for more customers.
The stagnation stems from a number of factors, primarily the rise of wireless providers such as Verizon and T-Mobile offering home broadband options.
“In short, competitive conditions remain intense, dynamic and varied across our footprint and customer segments,” Comcast President Mike Cavanagh …