Facebook Slightly Missed on Revenue but Beat on the Bottom Line; Maintaining FVE; Shares Undervalued
Facebook’s third-quarter results came in mixed as they missed slightly on the top line but beat our expectations and consensus on the bottom line. The narrow miss on revenue was mainly due to the user count decline in Europe, which was a result of GDPR. We note that the firm’s total daily and monthly user counts still beat our expectations. In our view, no decline in Facebook’s U.S. users was reassuring as it displayed that this wide-moat name’s network effect moat source is intact. More importa...Facebook is building and engaging products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and in-home devices. The company's products include: Facebook, which enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, which is a place where people can express themselves through photos, videos, and private messaging, and explore their interests in businesses, creators and communities; Messenger and WhatsApp, which are messaging applications; and Oculus, which connects people through its Oculus virtual reality products.
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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