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Communications Services Flat On Mixed Response To Earnings -- Communications Services Roundup

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02/05/2020 | 05:30pm EDT

Communications services companies were more or less flat after mixed responses to earnings.

Shares of entertainment conglomerate Walt Disney declined, even as it reported that subscribers to its Disney+ streaming service more than doubled between the launch date in November and February. The streaming service should continue to boost earnings for Disney as it launches in other regions, said analysts at brokerage Morgan Stanley, in a note to clients.

Shares of British cell-phone carrier Vodafone fell despite posting fiscal third-quarter profit ahead of many analysts' expectations.

Similarly, shares of music streaming service Spotify fell even after it posted better-than-expected growth in users. The Swedish company plans to buy journalist Bill Simmons' podcast company The Ringer.

Shares of Snapchat parent Snap slid after the company's advertising sales lagged expectations.

The Justice Department has reached out to more than a dozen companies in its antitrust probe of Google, including publishers, advertising technology firms and advertising agencies, as the company's online ad tools become a major focus, as reported earlier.

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

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.42% 1203.09 Delayed Quote.-11.71%
MORGAN STANLEY 5.54% 39.13 Delayed Quote.-27.74%
SNAP INC. 9.92% 13.36 Delayed Quote.-25.90%
VODAFONE GROUP PLC -4.18% 110.84 Delayed Quote.-21.18%
WALT DISNEY COMPANY (THE) 0.61% 101.4 Delayed Quote.-30.00%
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