Comcast plans significant job cuts in its cable division as it continues to lose residential broadband and TV customers. The company lost 144,000 residential broadband customers in Q3 2026, up from 91,000 lost in the same quarter a year ago. Comcast faces stronger competition from fixed wireless providers and fiber providers in its cable territory.
Comcast co-CEO Mike Cavanagh stated that fixed wireless remains aggressive in taking market share, while fiber construction remains elevated with pockets of irrational pricing. Comcast CFO Jason Armstrong called $30 to $40 monthly broadband offers from fiber operators irrational because deploying fiber costs $1,500 or more per home and is getting more expensive in suburban and rural areas. Verizon has been pitching Fi OS fiber plans starting at $30 a month.
Armstrong noted more customers are leaving when facing pricing transitions after promotional offers expire. Comcast has refined retention strategies to manage these transitions. While Cavanagh said satellite is not yet a material factor, Comcast is focused on anticipating emerging competition.
After the latest quarterly drop, Comcast has 28.3 million residential broadband customers in the US. Comcast has embarked on the most significant operating and cost transformation in its history, with an opportunity believed to amount to billions of dollars over time. The organizational changes will result in a significant charge of over $1 billion to be applied in the fourth quarter earnings report.
Source: Ars Technica · Summarized by HeadlinesBriefing