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Communications Services Down On Mixed Earnings -- Communications Services Roundup

10/21/2020 | 05:14pm EST

Communications services companies ticked down after mixed earnings.

Shares of Snapchat owner Snap rallied after a robust earnings report confirmed that the social network's popularity grew during the coronavirus pandemic.

By contrast, shares of streaming giant Netflix shares had their biggest percentage loss since March after a marked slowdown in quarterly subscriber growth, suggesting an initial boost from Covid-19 lockdowns was wearing off.

Verizon Communications' shares were more or less flat after it boosted its profit projection for the year, citing renewed stability in its wireless and broadband businesses.

Short-form streaming service Quibi Holdings is considering shutting itself down, The Wall Street Journal reported, a move that points to a possible crash landing for a once-highflying entertainment startup that raised $1.75 billion in capital but launched in April, just as the pandemic struck.

Advertising giant Interpublic Group of Cos named current operations chief Philippe Krakowsky as its next chief executive officer, succeeding Michael Roth.

Mexican telecom heavyweight America Movil expects capital investment of about $6 bllion in 2020, down from a target of $8.5 billion.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

10-21-20 1713ET

Stocks mentioned in the article
ChangeLast1st jan.
AMÉRICA MÓVIL, S.A.B. DE C.V. 2.58% 15.12 End-of-day quote.0.13%
NETFLIX, INC. 2.83% 504.58 Delayed Quote.55.94%
SNAP INC. 0.18% 44.5 Delayed Quote.172.50%
THE INTERPUBLIC GROUP OF COMPANIES, INC. 2.29% 22.79 Delayed Quote.-1.34%
VERIZON COMMUNICATIONS 0.28% 60.58 Delayed Quote.-1.61%
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