Spotify Pleases the Street With Better-Than-Expected 2Q Results; Shares Remain Overvalued
Spotify reported slightly better-than-expected second-quarter results, driven by user growth and partially offset by continuing decline in revenue generated per user. Management provided top- and bottom-line guidance in line with our estimates. However, due to stronger second-quarter user growth along with an anticipated increase in spending on subscriber acquisition, we increased our revenue growth and operating loss estimates, which did not change our $124 per share fair value estimate on Spot...
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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