Stocks in the U.S. communications services companies fell as investors cope with fears of companies like SpaceX competing for customers against established players.
AT&T's quarterly revenue ticked up as more customers signed up for its postpaid phone and internet services. The quarter marked a record for combined fiber and fixed wireless net additions, as well as its highest consumer postpaid wireless account growth in more than three years. Second-quarter earnings from continuing operations came in at 66 cents a share, compared with 62 cents a share a year earlier. Revenue rose 2.3% to $31.6 billion and compared with the forecast of analysts surveyed by FactSet of $31.8 billion. AT&T added 432,000 net subscribers for its postpaid phone service, compared with analysts' estimate of about 338,500.
Paramount's $81 billion bid to buy Warner Bros. Discovery was approved by the European Union Wednesday after the companies offered concessions. The European Commission, the EU's executive arm, said that its approval was conditional "upon full compliance with the commitments offered by Paramount."
China's Zhongji Innolight plans to raise more than US$7 billion in a Hong Kong public offering that would be the city's largest listing so far this year.
