WB: 2019 Is A Challenging Year For WB With Multiple Headwinds; Maintain Buy Rating
WB will report 2Q19 results on August 19th before the markets open with a 7am EST conference call. Based on our data and calculations, we believe the company’s 2Q19 revenue is likely to be in line with consensus at $429.9M and towards the low-end of guidance range of $427M - $437M. Fundamentally, 2019 is a challenging year for WB as it is under pressure from multiple fronts including: 1) negative impact from a weak economy on its brand advertising business; 2) ByteDance took more market shares in performance-based advertising market; and 3) politically sensitive year puts constrains on content.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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