Facebook (FB) reported better than expected sales with profits significantly ahead of expectations. The strong results reflect expense discipline even as FB continues to invest for future growth. Looking ahead to the rest of this year, FB narrowed full year expense growth guidance from 40-50% to 40-45%. EPS easily beat Wall Street estimates even after […]
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 […]
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 […]
As expected, MGM Resorts (MGM) bounced back with a strong quarter in 1Q17 after reporting disappointing 4Q16 results. As described in our 4Q16 update, the miss was largely driven by the shift in timing of Jewish holidays compounded by management’s miscommunication of the anticipated impact to their convention business. MGM’s management took responsibility for the […]
MGM Resorts (MGM) reported disappointing fourth quarter results. The miss was partially self-inflicted; previous guidance from MGM warned about a difficult year-over-year fourth quarter comparison but neglected to mention the potential impact from a shift in the timing of Jewish holidays. A related timing shift by one large convention group impacted fourth quarter EBITDA by […]
Activision Blizzard (ATVI) reported strong sales and profits with FY17 guidance modestly below Street expectations. It appears the conservative guidance was better than most investors expected, as ATVI rallied almost 19% to a new record high of $47.64. ATVI remains on track to benefit from several secular tailwinds, including the growth of higher-margin full-game digital […]
Alphabet (GOOGL) reported good fourth quarter and full year results to close out 2016. GOOGL beat sales estimates, but missed EPS targets due to a one-time equipment write-off and a higher than expected tax rate. The core Search business continued to perform well, with paid clicks growing 36% year-over-year compared to estimates of 27% growth. […]
Disney (DIS) reported FY2016 results with sales and earnings modestly below expectations. While the results were slightly underwhelming, investors were more focused on the outlook for 2017 and beyond. Although DIS faces difficult comparisons next year, due largely to year ago strength in Frozen consumer products and Star Wars: Episode VII box office receipts, we […]
Activision Blizzard (ATVI) reported good quarterly results that beat investor expectations, while raising guidance for the fourth quarter. The stock reacted with a mild selloff, as the increased fourth quarter guidance did not quite meet Street expectations. Aside from the slightly conservative fourth quarter guidance, ATVI appears to be on track to benefit from several […]
ClubCorp (MYCC) reported 3Q16 results and 4Q16 guidance largely in line with expectations, with a slight miss on sales and a slight beat on earnings. The solid results reflect a resilient subscription business model despite continuous headwinds from unfavorable weather and some weakness in oil-dependent markets. Importantly, MYCC outlined their goal to reduce debt partly […]
