Activision Beats Third-Quarter Expectations; E-Sports Increasing in Importance
Activision reported a strong third quarter with revenue beating our projections. Despite the strong beat, management provided lower-than-expected revenue guidance for the fourth quarter. We are maintaining our narrow moat rating and our fair value estimate of $39. With shares trading above our fair value estimate, we would wait for a larger margin of safety before investing.GAAP revenue for the third quarter improved 58% year over year to $1,568 million (versus guidance of $1,490 million). Cons...
Activision Blizzard is a global developer and publisher of interactive entertainment content and services. The company's segments are: Activision Publishing, Inc., which is a global developer and publisher of interactive software products and entertainment content, particularly for the console platform; Blizzard Entertainment, Inc., which is a global developer and publisher of interactive software products and entertainment content, particularly for the personal computers platform; and King Digital Entertainment, which is a global developer and publisher of interactive entertainment content and services, particularly for the mobile platform, including for Google Inc.'s Android and Apple Inc.'s iOS.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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