Shares of U.S. telecom and media giant Comcast closed down 6.6% on Wednesday after Chief Financial Officer Jason Armstrong stated that the company's quarterly broadband subscriber losses have not shown signs of improvement, as rivals continue to lure customers away with lower prices.

Speaking at an industry conference hosted by Goldman Sachs, Armstrong revealed that competitors are offering gigabit-speed broadband access for between $30 and $40 per month, a price point that makes it difficult for Comcast to demonstrate a reasonable return on investment. "For us, that's not a rational price point," he said bluntly.

This admission suggests that Comcast's net broadband subscriber losses for the current quarter could approach the 167,000 customers shed in the previous quarter, rather than the 103,000 that analysts had anticipated. Following the remarks, Comcast shares fell 6.6% to close at $24.59, while rival internet service provider Charter Communications saw its stock decline 8.1%.

Comcast has faced intensifying competition in recent years from other operators that have introduced bundled home internet and mobile plans to attract new customers and boost loyalty among existing ones. Currently, Charter's Spectrum brand offers a one-year gigabit home internet package at $60 per month, while Optimum Communications, which serves the New York area, provides a gigabit fiber plan for just $25 per month. Wireless giant Verizon's Fios fiber package runs $30 per month for standard speeds, though customers must pay $80 per month to achieve gigabit-level performance. By comparison, Comcast's flagship Xfinity gigabit internet service is priced at $50 per month.

Charter Communications CEO Chris Winfrey acknowledged the pricing pressures during his own presentation at the same conference on Wednesday. "The first quarter was very competitive, the second quarter was equally so, and the third quarter continues that trend," he said. "You'll see competitive intensity ebb and flow among players, with some adopting converged models and others pursuing single-play strategies."

Philadelphia-based Comcast recently announced plans to spin off its media assets from its connectivity business, but the company has remained plagued by persistent losses in cable TV and home broadband subscribers. Armstrong indicated that third-quarter EBITDA could see "modest" improvement and expressed expectations that full-year broadband subscriber trends would turn more favorable.

When addressing the theme park segment, Armstrong acknowledged that the "Orlando market softness" observed in the second quarter has persisted through the current period. He analyzed, "There are macroeconomic factors at play, as well as other elements such as gasoline prices and airfare costs, all of which are having some degree of impact on the market."