Comcast reportedly plans significant job cuts in its cable division as the firm continues to lose residential broadband and TV customers. Comcast lost 144,000 residential broadband customers in Q3 2026, up from a 91,000-customer loss in the same quarter a year ago, the company said in its earnings report today.
Comcast historically capitalized on a lack of competition for high-speed wired broadband. But now it faces stronger competition from fixed wireless providers and from fiber providers in parts of its cable territory.
“Fixed wireless remains aggressive and continues to take share, while fiber construction remains elevated, with pockets of irrational pricing and promotional activity,” Comcast co-CEO Mike Cavanagh said today in an earnings call.
Comcast CFO Jason Armstrong said “irrational pricing” from fiber operators includes $30 to $40 monthly broadband offers “in specific markets in the third quarter.” He said $30 to $40 pricing is irrational because deploying fiber costs $1,500 or more per home, and is “getting more expensive with construction costs up as you get into more suburban and rural areas.”
“As we look at the return profile of that, to us, that is irrational competition,” Armstrong said. While he didn’t name any specific competitors, Verizon has been pitching FiOS fiber plans that start at $30 a month. Comcast’s network is a mix of fiber and cable, and it offers fiber-to-the-home in only small portions of its cable territory.
Armstrong said more Comcast customers are leaving when they face “pricing transitions,” apparently referring to the price hikes customers get when promotional offers expire. “We’ve been refining our offers and retention strategies to better manage these transitions and strengthen customer retention,” he said.
Cavanagh said that “satellite is not yet a material factor” in the competition Comcast faces, but that Comcast is focused on “anticipating emerging forms of competition and positioning our business to respond as the market evolves.”
Fewer jobs, more AI agents
After the latest quarterly drop, Comcast has 28.3 million residential broadband customers in the US. Comcast said it has a plan to turn things around.
“We’ve embarked on the most significant operating and cost transformation in our company’s history, with an opportunity we believe will ultimately amount to billions of dollars over time,” Cavanagh said. The organizational changes will result in a “significant charge” of over $1 billion to be applied in the fourth quarter earnings report, Armstrong said.