Spotify Reported Declining ARPUs but Impressive Cost Control; Raising FVE to $124; Shares Overvalued
Spotify kicked off its first year as a publicly traded firm with mixed March quarter results as revenue came in a bit shy of consensus (in line with our internal estimate), but cost control helped lower operating loss significantly. While premium subscribers and overall listeners continued to grow, average revenue per user, or ARPU, declined much more than expected. Management maintained the full-year guidance it had initially provided on March 26. We adjusted our revenue estimates slightly lowe...
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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