With its valuation continuing to sour on Wall Street as it steadily expands its international subscriber base, Netflix has surpassed a notable milestone in terms of market capitalization: Comcast.
Netflix is now valued at $150.32 billion on the Nasdaq compared to $147.18 billion for the cable company.
From 21st Century Fox ($71.95 billion) to Time Warner Inc. ($73.62 billion), Netflix now dwarfs most media conglomerates—save for Disney ($152.85 billion), which it’s also about to surpass.
In telecom, the Los Gatos, California-based streaming company still has a ways to go before it passes wireless giants Verizon ($200.69 billion ) and AT&T ($198.50 billion).
And it’s helpful to realize that within Silicon Valley, Netflix’s value is comparatively small to stalwarts like Apple ($920.36 billion), Google ($746.58 billion) and Facebook ($539.21 billion).
As for Comcast, it reported the loss of 96,000 pay TV subscribers in the first quarter, while Netflix added more than 7 million users around the world.
Cord cutting is only part of the story for Comcast, which like all U.S. cable companies has taken a hit on Wall Street in recent months. The rate of expansion of Comcast’s broadband business has slightly decelerated, worrying investors that the U.S. wireline internet market is becoming saturated.
Further, investors are concerned that Comcast and other U.S. cable companies won’t be able to maintain their broadband subscriber growth rates in the face of competition from 5G wireless service providers.