Despite the almost daily articles about cord cutting and cord shaving and OTT services and the end of cable TV as we have known it, Comcast continues to grow at a steady rate. In 3Q16, cable revenue grew 7% and cable operating cash flow grew 6%. Comcast added over 200,000 new subscribers and good old […]
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 […]
MGM Resorts (MGM) reported a solid quarter with sales coming in slightly below consensus estimates and earnings that beat expectations due to progress on streamlining the business. The company received a meaningful one-time benefit from the sale of The Shops at Crystals, which it owned 50% of through a joint venture in CityCenter. We believe […]
Activision Blizzard (ATVI) reported a second straight quarter of sales, earnings, and forward guidance above consensus estimates. Strength in the quarter was largely attributed to the successful launch of Blizzard’s newest game, Overwatch, which already has over 15 million players globally. Continuing momentum across key franchises, signaled by strong pre-orders for the next expansions of […]
Liberty Global (LBTYK) reported a slightly weaker than expected quarter, much as we expected. Admittedly, with rebased revenue growth of 4% and operating cash flow growth of 2%, the results were a bit less than our low expectations. But we always have thought that after a rough 12 months, 2Q16 would mark the low point […]
Disney (DIS) reported slightly better than expected result for its 3Q16 driven by theme parks and the film studio. There were slight shortfalls vs consensus expectations at media networks and consumer products although there was no further deterioration in affiliate fee trends and subscriber losses at ESPN. It has been the worries about ESPN that […]
It was a quiet quarter at Liberty Media (LMCK) and Liberty Sirius (LSXMK) after the companies were spun off as tracking stocks from Liberty Media’s corporate holding company earlier this year. The good news is that the major assets held by each company performed well in the quarter. In addition, transactions completed on smaller assets […]
CBS reported better than expected results for 2Q16, beating consensus estimates on both revenue and EPS. The upside came from the sales of owned content, especially the Star Trek to Netflix. Advertising growth at the CBS TV Network grew 2%, slightly below expectations for 3% growth. Wall Street is focusing on the advertising shortfall and […]
Google (GOOG/GOOGL) reported better than expected 2Q16 results. Revenues grew 2% on a currency neutral basis, the best in four years, and several hundred basis points ahead of Wall Street expectations. EPS also surprised to the upside at $8.42 against expectations for $8.09 as tighter cost controls continue to be evident since the arrival of […]
Facebook (FB) reported another strong quarter with EPS reaching 97 cents against estimates of 81 cents. Revenue surprised to the upside by over $400mm, driving operating leverage as margins expanded by more almost 500 basis points. User metrics were a little better than expected with daily and monthly active users still growing. Given that 1.7 […]
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