Yesterday Comcast lowered its growth expectations for 2008—not by much but down from 12% to 11% for the year. This morning at a media conference, Comcast’s CFO Michael Angelakis cited a “challenging economic and competitive environment,” with companies like Verizon and AT&T poaching its video customers to their new services. Oh, and also because nobody wants to be a Comcast customer unless it’s the only game in town.
Angelakis told the conference, with what we imagine was a straight face,
We will fight in the streets and do everything we can for retention but I think the expectation that I have is we will lose some share in the video side.
Shares of Comcast fell 12% in pre-market trading and another 8.35% in early trading to $19.