Sector analysis · US
Communication Services: which companies drove growth
The 20 largest Communication Services companies by market cap at the end of Q1 2024 (31 Mar 2024), compared with Q4 2023.
The top 20 at Q1 2024
Q1 2024 vs Q4 2023: combined net profit $53.2B (+18%), median EPS −2% (10 of 19 up), market-cap-weighted price +14%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Alphabet Inc. | 41.2% | 1.64 → 1.89 | +15% | +5.8 pp | +8% |
| 2 | Meta Platforms, Inc. | 26.9% | 5.33 → 4.71 | −12% | −3.2 pp | +36% |
| 3 | Netflix, Inc. | 5.7% | 0.21 → 0.53 | +151% | +2.7 pp | +24% |
| 4 | The Walt Disney Company | 4.9% | 1.04 → −0.01 | to loss | −3.8 pp | +36% |
| 5 | T-Mobile US, Inc. | 4.2% | 1.67 → 2.00 | +20% | +0.7 pp | +6% |
| 6 | Verizon Communications Inc. | 3.9% | −0.64 → 1.09 | turned profitable | +14.3 pp | +11% |
| 7 | Comcast Corporation | 3.7% | 0.81 → 0.97 | +20% | +1.2 pp | −1% |
| 8 | AT&T Inc. | 2.8% | 0.30 → 0.47 | +57% | +2.5 pp | +5% |
| 9 | DoorDash, Inc. | 1.2% | −0.39 → −0.06 | loss, smaller | +0.3 pp | +39% |
| 10 | The Trade Desk, Inc. | 0.9% | 0.19 → 0.06 | −67% | −0.1 pp | +22% |
| 11 | Charter Communications, Inc. | 0.9% | 7.07 → 7.54 | +7% | +0.1 pp | −25% |
| 12 | Live Nation Entertainment, Inc. | 0.5% | −1.26 → −0.53 | loss, smaller | +0.3 pp | +13% |
| 13 | Pinterest, Inc. | 0.5% | 0.29 → −0.04 | to loss | −0.4 pp | −3% |
| 14 | Warner Bros. Discovery, Inc. | 0.5% | −0.16 → −0.40 | loss, bigger | −1.1 pp | −23% |
| 15 | Omnicom Group Inc. | 0.4% | 2.13 → 1.59 | −25% | 0.0 pp | +11% |
| 16 | Snap Inc. | 0.4% | −0.15 → −0.19 | loss, bigger | −0.1 pp | −32% |
| 17 | Warner Music Group Corp. | 0.4% | 0.30 → 0.18 | −40% | −0.1 pp | −8% |
| 18 | Liberty Media Corporation | 0.3% | — → 0.32 | sources disagree | — | +2% |
| 19 | News Corporation | 0.3% | 0.27 → 0.05 | −81% | −0.2 pp | +7% |
| 20 | Sirius XM Holdings Inc. | 0.3% | 0.45 → 0.51 | +13% | −0.3 pp | −29% |
| Sector earnings growth | 100% | +18.3 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q4 2023, as market caps moved.
Joined the top 20 since Q4 2023
Left the top 20 since Q4 2023
- Direct Digital Holdings, Inc.
- fuboTV Inc.
EPS growth by company, Q3 2023 to Q2 2026
Each company's EPS growth quarter on quarter, every quarter it was in the top 20.
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GOOGL | +8% | +6% | +15% | 0% | +12% | +1% | +31% | −18% | +24% | −2% | +81% | +78% |
| META | +47% | +21% | −12% | +10% | +17% | +33% | −20% | +11% | −85% | +745% | +18% | −41% |
| NFLX | +13% | −43% | +151% | −8% | +10% | −20% | +53% | +9% | −18% | −5% | +120% | −35% |
| DIS | turned profitable | +643% | to loss | turned profitable | −83% | +460% | +29% | +61% | −75% | +84% | −5% | +19% |
| TMUS | −2% | −8% | +20% | +25% | +5% | −2% | +1% | +10% | −15% | −22% | +21% | +32% |
| VZ | +3% | to loss | turned profitable | 0% | −28% | +51% | −3% | +3% | −1% | −53% | +118% | −23% |
| CMCSA | −4% | −17% | +20% | +3% | −6% | +32% | −28% | +234% | −70% | −33% | 0% | +65% |
| T | −21% | −38% | +57% | +4% | to loss | turned profitable | +9% | +2% | +108% | −60% | +4% | +22% |
| DASH | loss, smaller | loss, bigger | loss, smaller | loss, bigger | turned profitable | −14% | +35% | +48% | −15% | −13% | −13% | +10% |
| TTD | +19% | +142% | −67% | +168% | +12% | +89% | −72% | +80% | +28% | +74% | outside | outside |
| CHTR | +3% | −14% | +7% | +13% | +4% | +14% | −17% | +9% | −9% | +24% | −11% | +16% |
| LYV | +89% | to loss | loss, smaller | turned profitable | +61% | −67% | to loss | turned profitable | +78% | to loss | loss, bigger | turned profitable |
| PINS | turned profitable | +2,859% | to loss | turned profitable | +251% | +6,005% | −100% | +336% | +131% | +215% | outside | outside |
| WBD | loss, smaller | loss, smaller | loss, bigger | loss, bigger | turned profitable | to loss | loss, smaller | turned profitable | to loss | loss, bigger | loss, bigger | turned profitable |
| OMC | +2% | +15% | −25% | +4% | +18% | +16% | −36% | outside | outside | to loss | turned profitable | +2% |
| SNAP | loss, smaller | loss, smaller | loss, bigger | loss, smaller | loss, smaller | turned profitable | outside | outside | outside | outside | outside | outside |
| WMG | +25% | 0% | −40% | +44% | −70% | outside | −85% | outside | outside | outside | outside | outside |
| FWONK | sources disagree | outside | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | sources disagree | −91% |
| NWSA | outside | outside | −81% | +67% | +141% | outside | outside | +622% | −85% | outside | outside | outside |
| SIRI | sources disagree | −52% | +13% | outside | outside | outside | outside | outside | outside | outside | outside | outside |