Why Comcast Stock Slid 6% on Thursday

Cable internet giant Comcast (NASDAQ: CMCSA) stock slipped 6% through 11:11 a.m. ET Thursday despite the company reporting better than expected sales and earnings for the first quarter of 2024.

Analysts had forecast the communications company would earn only $0.99 per share (non-GAAP, or adjusted) on sales of $29.8 billion in Q1, but Comcast surprised to the upside with $1.04 per share in earnings and sales of $30.1 billion. Yet its stock fell. Why?

Comcast's news wasn't all good. While the company beat expectations on both the top and bottom lines, revenue still only grew about 1% year over year, and net income rose less than 1%.

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Source Fool.com