Spotify Reports Mixed 4Q Results; Increasing FVE to $130; Shares Remain Fairly Valued
With slightly better-than-expected subscriber growth offsetting the continuing decline in average revenue generated per user, Spotify’s fourth-quarter revenue came in ahead of our expectation but in line with consensus. Helped by gross margin expansion and lower costs associated with stock options and restricted stock units, Spotify’s operating income and margin were above our internal projections and consensus. As we have noted for some time, no-moat Spotify must begin acquiring content or dive...
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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