On July 23, Comcast fell 3.08% in regular trading, trading at $22.815/share with turnover of $321 million, reversing an earlier pre-market gain of approximately 3% following its Q2 earnings release.

On the news front, while Comcast reported Q2 adjusted EPS of $1.04 (beating consensus of $0.97) and revenue of $29.94 billion (above the $29.24 billion estimate), the stock sold off as investors focused on multiple structural concerns. Adjusted EPS declined 16.8% year-over-year, domestic broadband subscribers posted a net loss of 167,000, and the company acknowledged intensifying competition from satellite broadband providers including Starlink. Theme parks faced pressure from softening Orlando traffic since June, rising fuel costs, and weakening consumer confidence. Management also noted that broadband transition investments will weigh on near-term financial results, and the company suspended its stock buyback program effective July 1.

Multiple investment banks had already lowered price targets ahead of the report, with JPMorgan at $29, Goldman Sachs at $26, and RBC at $27. A notable bright spot was Peacock achieving its first-ever quarterly profit of $189 million, driven by FIFA World Cup and NBA playoffs content.

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