Domestic: New leasing activity rose up 20% sequentially to $11.5 million, but was below our estimate and resulted in organic revenue growth of 5.0% vs our 5.3% estimate, an acceleration from 4.7% last quarter. Guidance remains at $45 million for the year, so new leasing will need to rise to $15.1 million in Q4, which…
SoftBank (SBG) reported better than expected operating results in its primary operating segments. The domestic telecom business topped our EBITDA estimate by 3.8% and Masa Son announced a 2-3 year plan to reduce employees in that segment by 40%.
Yesterday, Snapchat Co-Founder Evan Spiegel was interviewed at The New York Times DealBook Conference in NYC by Andrew Ross Sorkin. We found the interview fascinating and have embedded it in full at the bottom of this blog. Here are the five issues we found most interesting: 1) Instagram vs. Snapchat When asked about how the company…
Cash EBITDA topped our estimate by 1.8% when backing out a $1 million one-timer in COGS disclosed on the conference call. DAS revenue of $24.4 million topped our estimate on the non-cash build out project component.
We made revisions to our Apple (AAPL, Buy, $235 PT) estimates, but our calendar 2019 EPS estimate and price target remain unchanged at $14.25 and $235, respectively. Investors face increased volatility and a headwind to multiple expansion based on management’s decision to no longer report unit data.
Revenue slightly (0.3%) below our estimate. Gross margins beat by 80 basis points.
Revenue and EPS beat, but guidance is below consensus. Guidance implies EPS of $4.36-$4.72 for FQ1 2019 versus consensus of $4.93. The tax rate guidance is up 250 basis points sequentially, which has a $0.14 impact to EPS.
Given the dramatic turn of events over the past two months at CBS, we thought it would be useful to lay out our seven key questions for CBS’ interim management team during tonight’s Q3 2018 earnings call (our questions heading into Q2 earnings can be found here): 1) Why Have You Damaged CBS’ Balance Sheet? Over the past five years that…
Revenue miss: $2.2 million (1.6%) miss likely on decline in Net-centric sequentially and y/y. Last y/y decline was in Q4 of 2015. These details are usually provided on the conference call. Revenue growth in constant currency was 6.2% y/y and 1.1% sequentially.
Sprint’s Cash EBITDA beat by 4% ($78 million) due to lower than expected phone sales from a y/y drop in the upgrade rate and declining gross adds. Sprint’s Reported EBITDA was 3% ($103 million) better than expected because of a higher than expected mix of financed phones this quarter. (22% mix vs 13% last quarter…
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