(Bloomberg) -- Comcast Corp. shares fell more than 7% Thursday after the cable-TV giant reported a steeper-than-expected loss of internet subscribers.

The company shed 65,000 broadband customers in the first quarter, more than the 47,000 loss analysts had expected. Comcast’s cable-TV business shrank by 487,000 customers, although that was better than Wall Street forecasts. 

“As we sit here right now, we do not see this trend improving in the near term,” Chief Financial Officer Jason Armstrong said of the broadband losses on a call with investors.

The shares fell as much as 7.5% to $37.19 in New York, the worst intraday decline since October.

The Philadelphia-based telecom and media giant is losing broadband customers to phone companies. It also faces the ongoing departure of cable subscribers to streaming services. Comcast has looked to offset those challenges by raising prices, expanding into streaming and promoting bundled broadband, TV and wireless service.

Wireless phone customers increased by 289,000, although that was less than analysts’ projections.

Broadband cancellations “could be elevated” with the expiration of a federal program that subsidizes internet access, Armstrong said.

The program, which offers $30 monthly to needy households, is set to run out of funds by the end of May. Prospects are unclear for renewal by Congress.

Comcast has about 1.4 million customers that take part in the program, according to data compiled by Bloomberg Intelligence.

Read More: Comcast Falls With Broadband a Weak Area of Results

Revenue, at $30.1 billion, was little changed and slightly better than what Wall Street had been expecting. Earnings of $1.04 a share also beat expectations.

Comcast’s Peacock streaming service increased subscribers by 55% to 34 million, thanks in part of an NFL playoff game that aired exclusively on the service in the quarter. Losses at the streaming business narrowed slightly to $639 million in the quarter.

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