Igor Golovniov | Lightrocket | Getty Images
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.
Shares of Comcast fell more than 8% in early trading Thursday.
Although revenue has remained stable, Comcast, like its cable peers, has been in the midst of a slowdown in customer growth in recent years.
The slowdown stems for a number of factors, including primarily the rise of wireless providers like Verizon and T-Mobile offering home broadband options.
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.
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