CMCSA Stock Slips Premarket Ahead Of Earnings As Comcast Plans Layoffs Amid Spinoff, Spacex Competition

(MENAFN- AsiaNet News)

• Comcast plans major job cuts across its cable TV, broadband and wireless businesses. 
• Analysts expect Comcast to report $29.21 billion in revenue and $0.99 adjusted EPS in Q3.
• On Stocktwits, retail sentiment turned 'bearish'.  

Comcast Corp. (CMCSA) stock slipped in Thursday's premarket ahead of its fiscal third-quarter earnings. Mounting broadband subscriber losses, a reported sweeping corporate reorganization with impending job cuts, an upcoming NBCUniversal cable network spinoff, and aggressive satellite competition from SpaceX's (SPCX) Starlink have driven bearish retail trader sentiment. 

Comcast stock edged 0.3% lower in Thursday's premarket. 

Comcast Faces Q3 Earnings Amid Revenue Pressure And Job Cuts 

Comcast approaches its critical Q3 earnings report under heavy scrutiny, with Wall Street modeling revenue of $29.21 billion and adjusted EPS of $0.99, according to Fiscal.  The premarket weakness follows a report from Bloomberg revealing that Comcast is preparing workforce reductions as part of a major structural overhaul spanning its cable-TV, domestic broadband, and wireless operating units. 

The corporate rightsizing comes as the company prepares to spin off its previously announced linear NBCUniversal cable networks-including MSNBC, CNBC, USA Network, and E!-into a standalone public entity. 

Adding to sector-wide anxiety, peer AT & T (T) saw its stock tumble over 6% on Wednesday despite delivering a Q3 top-and-bottom-line beat, as investors panicked over slowing postpaid customer additions and rising disruption risks from SpaceX's expanding Starlink Mobile and direct-to-cell satellite connectivity. 

SpaceX Disruption Weighs On Comcast As Analysts Trim Price Targets 

Earlier this month, Bernstein analyst Laurent Yoon reduced the price target for Comcast to $23 from $28 while retaining a Market Perform rating. The analyst pointed to SpaceX's expansion into internet and wireless services as a growing competitive threat. The analyst also added that Comcast also faces pressure from pricing changes among established telecom providers, while typical seasonal trends could weigh on Q4 performance.

Scotiabank lowered its price target on Comcast to $27.50 from $29 and kept a 'Sector Perform' rating. The firm said telecom stocks have faced pressure over the past year as investors reassessed the valuations of companies across the sector and added that competition from SpaceX has contributed to those concerns.

CMCSA Stock: Retail Stance 

On Stocktwits, retail sentiment around the stock declined to 'bearish' from 'neutral' territory the previous day. The stock saw a 433% increase in message volume over the past 24 hours. 

CMCSA stock has gained over 5% year-to-date.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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