Communications Services Down After Snap Earnings -- Communications Services Roundup

10/22/2021 | 05:07pm

Communications services companies fell sharply after a weak earnings report from social-media concern Snap.

Snapchat said privacy changes imposed by Apple were weighing on digital advertising and would hurt the holiday quarter to come. Shares of Snap fell by almost a quarter, while rivals such as Facebook also sold off.

South Korea's BTS has agreed to a distribution and marketing deal with Universal Music Group N.V. for the U.S. and other regions, parting ways with Sony Music's Columbia Records, the group's manager.

U.S. prosecutors determined that Swedish telecom company Ericsson violated the terms of a $1.06 billion settlement agreement reached in 2019 over allegations of bribery in five countries.

Actor and producer Alec Baldwin, who discharged a prop firearm Thursday that killed a woman and injured another man on the set of the movie "Rust," expressed shock and sadness about the death.

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

(END) Dow Jones Newswires

10-22-21 1706ET

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