Comcast executives said the company's focus would shift to growing its mobile business after a bigger-than-expected loss of broadband customers. Broadband customer growth has lagged in recent quarters as competition from wireless providers has ramped up.

Comcast shares dropped 12% Thursday morning after the company reported a loss of nearly 140,000 residential broadband customers in the fourth quarter and a stagnating subscriber base for its Peacock streaming service.

Comcast Corp. shares fell 11% to their lowest level in more than two years after the company reported broadband subscriber losses that exceeded expectations and said “intense” competition in that business would continue.