Communications Services Down on SpaceX Competition Fears - Communications Services Roundup

Dow Jones10-22 05:28

Communications-services companies fell amid concerns about new competition for leading cell-phone carriers and streaming services.

AT&T shares fell sharply. Bullish comments from SpaceX executives about the company's role in the cell-phone service industry overshadowed AT&T's strong quarterly earnings and postpaid subscriber growth. Rivals Verizon and T-Mobile US also lost ground due to fears of new competition.

Shares of Netflix slid after the streaming service logged its slowest quarterly revenue growth in years and said it was working to spur more viewing time as it cuts staff and overhauls its leadership team. Shares of Netflix rival Skydance rallied, adding more than 9%.

Getty Images filed for Chapter 11 bankruptcy as part of a prepackaged deal to go private under the ownership of the Getty family and Koch Equity Development.

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