Spotify 1Q Subscriber Base Sees Boost, but Accompanied by Ad Revenue Pressure; Maintaining $130 FVE
Spotify reported mixed first-quarter results, as its premium subscriber base helped improve revenue and margins, but pressure on ad pricing and Spotify’s changing library of offerings moderated results. Still, earnings were roughly in line with our expectations, and we continue to think the company will turn a profit starting in 2020—especially with Spotify’s promising efforts to better monetize the podcast industry. We are therefore maintaining our $130 fair value estimate. Although the stock i...
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.
We have operations in 27 countries.
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