Cash EBITDA beat by $200 million primarily on lower handset costs stemming from a post-paid phone upgrade rate of 5.0% versus our 7.0% estimate and 7.0% last year. We estimate post-paid devices sold was down over 8%. Tone on the call sounded like management is pleased with the benefits of low churn, low upgrade rates…
We increased our Apple price target to $207 from $198 based on a $0.55 increase to our 2018 EPS estimate to $12.55 based on higher share repurchase activity, and increased revenue expectations for service revenue and Apple Watch. We estimate that Apple’s new guidance implies that it will sell more than 40 million iPhones in…
Revenue guidance of $51.5 – $53.5 billion for the June quarter versus consensus of $51.5 billion should put to rest the iPhone concerns fanned by our peers based on supply chain data points. We continue to see early evidence that upgrade rates might be bottoming. 30% service revenue growth and $23 billion of share repurchase…
While Snapchat calls itself a camera company, at its core it is a highly addictive messaging platform to stay visually connected with your closest friends. Snapchat continues to make progress in integrating a media consumption platform to increase engagement (time-spent) and drive the revenue potential of the platform. Despite all the content on the platform from consumers,…
CommScope seems to find new and innovative ways to surprise and disappoint investors. This time around, it was price cuts on small cells, DAS and FTTH products that will drag down profitability for the year. This revision comes just three months after management provided its last guidance and was allegedly a result of one of…
Adjusted AFFO/Share of $1.79 topped our $1.77 est. Guidance for total site leasing places consensus at the top of the range, while AFFO guidance places consensus in the range when adjusted for India consolidation churn.
Q1 revenue better than expected on 4.8% sequential growth in Mobility. Connectivity in-line. Q1 operating income in-line as weak Connectivity margins (16.1% vs 17.5% est and 18.1% last qtr) were offset by revenue and margin upside from Mobility.
Adjusted AFFO per share $0.05 better than expected on better EBITDA. Domestic: In-line organic revenue growth as lower than expected churn (1.5% vs 2.25% est) offset weaker new amendments/colos (2.95% vs 3.75% estimate and 3.35% last quarter). $1.3 million upside to Cash EBITDA on better margins.
Sprint and T-Mobile finally have a deal to put in front of regulators after SoftBank Chairman Masa Son lowered his price and control demands. Yesterday, the companies framed the “merger” in obvious ways meant to improve its chances with regulators, citing things like job growth in rural areas and an acceleration of investment in 5G…
We are downgrading MSG Networks (MSGN) to Neutral from BUY and removing our price target (now N/A). BTIG’s TMT team has been very cautious on companies exposed to the multichannel video ecosystem for quite some time. However, we have viewed MSGN as a “diamond in the #goodluckbundle rough” (link), due to financial advantages created by its…
You must be logged in to post a comment.