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.

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 reported a steep decline in broadband subscribers for the fourth quarter on Thursday on competition from telecom firms that have been bundling 5G mobile services with internet plans, sending its shares about 11% lower.