Communications Services Shares Sink as Meta Shares Tumble -- Communications Services Roundup

Communications services companies fell sharply as Meta Platforms dragged the sector lower.

The Facebook parent lost more than one-fifth of its market value after the company reported a drop in quarterly revenue, warned of climbing costs and said losses will accelerate next year at the unit leading the charge on its metaverse ambitions.

Twitter shares rose slightly as Elon Musk prepared to complete his buyout of the social-media concern.

Comcast took an $8.6 billion write-down on its Sky pay-TV operations and posted a dip in third-quarter revenue, as strong growth in the cable-and-studio conglomerate's wireless and film units was offset by a slowdown at its media segment.

Universal Music, the record label behind the Weeknd, Billie Eilish and Taylor Swift, posted higher revenue for the third quarter as subscriptions and streaming continued to grow, albeit at a slower pace than earlier this year.

T-Mobile said its cost and customer trends had improved heading into the end of 2022 after the company logged its strongest jump in core phone subscriptions since its merger with Sprint.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

10-27-22 1713ET