Communications Services Down Sharply as Meta Weighs -- Communications Services Roundup

Communications services companies fell sharply amid concerns about digital-advertising growth rates.

Facebook parent Meta shares tumbled after it reported a second straight decline in revenue, reflecting slowing advertising demand, increased competition from TikTok and other factors.

Advertising giant WPP posted a sharp increase in quarterly revenue, and said demand remains strong for advertising and marketing services.

ESPN sold its controlling interest in the X Games, the extreme-sports competition franchise, to private-equity firm MSP Sports Capital.

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(END) Dow Jones Newswires

10-26-22 1720ET