Last November, we initiated coverage on EA with a Neutral rating asking the simple question in the title: Can They Execute Outside of Core Franchises? (link). EA stock had just fallen significantly (to $102.28) on the heels of the Battlefront 2 microtransaction controversy. The stock appeared to be “cheap” and numerous investors believed Battlefront was simply a…
Instagram has over 1 billion monthly active users with over 500 million using Instagram Stories daily. We view Instagram as the modern day “cure for boredom,” no matter where a consumer is – sitting on their couch technically “watching” TV, standing at the bus stop, sitting at a bar, supposedly working in the middle of the day,…
Sprint’s Cash EBITDA in-line with our estimate, but net debt rose $1.25 billion this quarter. Wireless service revenue was lower than expected on lower Post-paid Phone ARPU and lower wholesale revenues.
Charter added 113,000 new wireless subscribers vs our 125,000 estimate and 128,000 in the T-Mobile IR consensus poll. Combined with Comcast’s 227,000 net adds, the Cable companies added 340,000 net adds in Q4. As a reminder, Charter’s CFO expects the mobile business to breakeven when it hits 2 million subscribers, which we expect to occur…
Over the past decade, Netflix and Spotify have fundamentally altered the professional video and music industries with globally scaled “all you can eat” subscription platforms delivered via streaming. Netflix and Spotify have led a dramatic shift in consumer behavior from ownership of media content to anytime, on-demand access. With music and video as a beacon,…
We are dropping coverage of Pandora Media (P, Last Rating: Neutral) following Pandora shareholders’ approval of Sirius XM Holdings’ acquisition on 1/29/2019. Effective immediately, our rating, price target, disclosures, and estimates for the company are discontinued and should no longer be relied upon.
Wireless Cash EBITDA was $1.8 billion (39%) better than expected on lower than expected smartphones sold. Post-paid device upgrade rate down to 4.9% from 7.0% last year and versus our 7.3% estimate.
There are fewer and new moving parts under Apple’s new reporting structure, but as always iPhone revenue is the primary driver of results. Our estimate and the consensus for FQ2 revenue were slightly above the top end of Apple’s guidance, which likely provided some relief to investors. However, that outlook necessitates revisions to our model.…
Guidance implies EPS of $2.10-$2.47 (prior to the impact of share repurchase) versus consensus of $2.63. Revenue guidance of $55 – $59 billion is below consensus of $59 billion. This implies a decline of 3.5%-10.0%.
Our Disney+ blog post last Friday afternoon titled: If You Would Not Disney+ and Chill, How Big is Disney’s Market Opportunity? generated significant feedback that we felt warranted a thoughtful response. The most significant pushback on our aforementioned Disney+ blog was that Disney needs to develop a direct relationship with its fans, so it needs to end licensing deals…
You must be logged in to post a comment.