通信服务板块财报摘要显示分化，TTD 继续走弱而 DIS、WBD 仅局部超预期

Communication Services (XLC) stocks grabbed the spotlight this week as Wall Street digested earnings reports from companies including The Walt Disney (DIS), The Trade Desk (TTD), and Warner Bros. Discovery (WBD), among others.
In this week's earnings recap, 10 tickers reported results, of which nine companies exceeded EPS expectations, while The Trade Desk (TTD) missed expectations. On the revenue front, six companies beat revenue consensus estimates, while four communication services companies failed to meet Street expectations.
Below are the latest quarterly reports from some of the key players who reported results this week:
The Walt Disney Company (DIS) reported third-quarter earnings that topped expectations, supported by strong performance at its U.S. theme parks and a major box office hit from Toy Story 5.
Adjusted earnings per share came in at $2.06, ahead of the $1.86 analyst estimate compiled by Bloomberg, while revenue rose 7% to $25.25B, slightly below expectations of $25.39B.
The Experiences segment was a key driver, with operating income rising 20% to $3.02 billion on revenue of $9.97B. Entertainment remained Disney’s (DIS) largest segment, with revenue of $11.35B, though it fell short of expectations. Sports revenue of $4.5B also missed estimates.
Warner Bros. Discovery (WBD) reported better-than-feared second quarter profit, which was offset by a miss in revenue and in-line adjusted EBITDA.
In the second quarter, significant legal expenses related to its pending merger with Paramount Skydance (PSKY) weighed on profitability, while the company's streaming segment outperformed with a 10% increase in revenue and an 11% increase in streaming distribution revenue.
The Warner Bros. studio segment, however, suffered a 39% drop in revenue as theatrical release sales were pressured by the disappointing box office for this quarter’s slate of movies. Additionally, TV revenue was down 45% due to lower intercompany content licensing resulting from the timing of renewals.
The Trade Desk (TTD) shares tumbled around 22.5% after the bell as investors reacted to the company’s second-quarter earnings miss and signs of slowing momentum at the digital advertising platform.
Revenue rose 3% year-over-year to $715M, below consensus estimates of $751.4M. Adjusted earnings per share came in at $0.34, missing expectations of $0.40.
Profitability also declined, with net income falling to $64M from $90M a year earlier. Adjusted EBITDA dropped to $241M from $271M, with margin contracting to 34% from 39%.
Looking ahead, TTD forecasts third-quarter revenue of at least $650M compared to a consensus of $650.19M and adjusted EBITDA of about $160M.
Overall, the Communication Services sector (XLC) has slipped more than 5.5% so far this year, underperforming the broader S&P 500 Index, which is up about 12.6%.