Comcast Corp. shares fell as much as 9.9% to their lowest in more than two years after the company reported fourth-quarter revenue and profit that beat Wall Street’s expectations but subscriber losses in its broadband unit raised concerns among investors.

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.