NBCUniversal parent Comcast and publicly traded cable stocks dropped Friday on Wall Street fears of slowing broadband growth post-Covid after the industry rode a wave of new signups.Broadband, as in high-speed internet service, has been the counterbalance to a narrative of cord cutting and the declining video bundle.
And 2020 was a record year for net additions. But in an industry update titled CABLE – Going Negative, Wells Fargo Securities analyst Steven Cahall says the market is pretty well saturated by now. “Looking to the back half of the year, we begin to see cracks in the residential broadband growth story.”Comcast — which Hollywood sees as one thing but many on Wall Street still view as a cable company – saw its stock drop by nearly
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