Mixed 3Q Results, but Alphabet's Ad Revenue Continues to Grow Strongly; Shares Undervalued
Alphabet posted slightly mixed third-quarter results with revenue a bit light because of a foreign exchange headwind, while operating margin came in above our estimate and in line with consensus. Growth in ad revenue remained strong, which we think demonstrates the health of Alphabet’s network effect economic moat source in that segment. However, deceleration in other revenue growth was disappointing. We expect revenue growth in that segment to pick up again in the fourth quarter due to the seas...
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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