Analysts' Top Communication Services Picks: AMC Networks (AMCX), Trade Desk (TTD)We reiterate our Hold rating (2). Favorable FX Drives International Beat AMC Networks' Q3:25 revenue of $562MM (-6% y/y) beat our/consensus $546MM estimate. Domestic revenue declined -8% y/y, slightly better than our -9% y/y estimate, driven by subscription and content licensing upside. International/Other grew +5% y/y, beating our -8% y/y estimate, primarily on subscription upside. Adjusted operating income of $94MM (-28% y/y) also beat our/consensus $84MM estimate on the revenue upside. $0.18 missed our $0.37 estimate on below-the-line variance. the advertising revenue decline (including ad-supported SVOD) of -17% y/y was worse than our -14% y/y estimate, driven by linear ratings declines and lower pricing.