Formula One (FWONA/K) and Liberty Sirius (LSXMA/K) are tracking stocks of Liberty Media. FWON owns the Formula One racing circuit and LSXM owns a controlling interest in SiriusXM Satellite Radio (SIRI) representing approximately 70% of the shares outstanding. Consequently, when Liberty reports earnings and hosts a conference call the discussion is on these separate businesses. […]
Activision Blizzard (ATVI) reported a strong quarter, beating consensus sales and profit expectations. Full year guidance was increased from prior levels but remained below consensus. In past quarters, ATVI has tended to offer conservative guidance leading to upside surprises when they report actual results. Investors focused on strength in the Blizzard and KING segments, while […]
Disney (DIS) reported first quarter earnings of $1.50, up 10% from a year ago, and ahead of Wall Street estimates of $1.41. Revenues grew just 3% and operating income just 5% as EPS benefited from a lower than expected tax rate and share repurchases. DIS shares have reacted negatively to the report, falling -2% to […]
Amid a tough quarter for media earnings, CBS was a bright spot. We have long liked CBS for two reasons and both were on display in 1Q17. First, management continues to execute quite well as evidenced by better than peer trends in national and local advertising and subscription fees. Second, and related to effective management, […]
Facebook (FB) reported a strong quarter, pacing ahead of expectations both for financial results and user engagement. Sales grew 51% from last year despite the widely expected decrease in ad load growth. Disciplined cost control limited expense growth to only 40%, below expectations. Facebook, Messenger, Instagram, and Whatsapp each continued to accelerate user growth above […]
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