Comcast Not Really Feeling All That “Comcastic” Right Now
by John Paczkowski
Posted on May 29, 2009 at 12:13 PM PT
The econalypse and the job losses and lower housing starts it’s brought with it are having a nasty effect on Comcast’s bottom line. And according to CEO Brian Roberts, that’s not going to change any time soon. “It’s still a scary time,” he said in remarks at Sanford Bernstein’s 25th annual Strategic Decisions Conference in New York. “Everybody wants to say this thing is over, but we’re not out of the woods yet.”
While Comcast (CMCSA) had forecast a slowing of subscriber growth in its second quarter, the decline it’s now seeing is far worse than expected. “It is across all units,” said Roberts. We’re really not seeing a surging of disconnects. We’re just not seeing a surging of orders.”
Is that entirely econalypse-related? Or might it be due to competitive pressure from telcos? Roberts conceded that the market is an “intensely competitive one, but said Comcast has really just been dragged down by the souring economy. “I think there’s a general slowing of consumer expectations….” he said. “There are fewer opportunities to sell things.”
