Communications services companies slid after Walt Disney warned of weakness in some of the entertainment conglomerate's business lines.
In a good sign for Hollywood, Disney's streaming unit, which includes flagship platform Disney+, general entertainment service Hulu and the sports-focused ESPN+, became profitable one quarter ahead of schedule, producing operating income of $47 million on $6.38 billion in revenue, Disney said.
Reddit shares plunged even though the social media company reported second-quarter sales that exceeded expectations and a narrower-than-expected loss.
Warner Music Group shares rallied after the record company's earnings matched Wall Street expectations.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-07-24 1756ET
