Comcast shares tumbled 5.08% during the intraday trading session on Thursday, erasing early gains as investors shifted focus from a top-and-bottom-line earnings beat to persistent structural concerns. The stock reversed pre-market strength after the company’s second-quarter results, which showed adjusted earnings per share of $1.04 on revenue of $29.94 billion, both above consensus estimates.

The sell-off was driven by a larger-than-expected loss of 167,000 domestic residential broadband subscribers, intense competitive pressure from fixed-wireless and satellite providers, and weakening performance at the theme parks segment. Management flagged softening Orlando attendance since June, higher fuel prices, and weaker consumer sentiment, while international parks in Osaka and Beijing continued to face headwinds from China-related travel restrictions and a challenging macro environment. Additionally, the company acknowledged that near-term investments for its broadband pivot are weighing on financial results.

While Peacock achieved its first-ever quarterly profit of $189 million and media revenue surged 25% on World Cup and NBA content, the positive developments were not enough to offset angst over the core connectivity business. The broader market downturn, fueled by rising oil prices and disappointing Big Tech earnings, added to the downward pressure on Comcast shares.