Estimates for internet companies’ earnings continue to ratchet lower and lower—with a couple of noteworthy exceptions in e-commerce and content streaming. Wednesday morning, J.P. Morgan internet analyst Doug Anmuth cut estimates for most of the companies he covers in the face of the expanding impact from the coronavirus pandemic. Anmuth concedes that his revisions “are our best guess at the current time,” and that had he done this a week ago, “it would almost certainly not have been by enough.” Anmuth’s biggest cuts are for online travel agencies like (BKNG) (ticker: BKNG), (EXPE) (EXPE), (TRIP) (TRIP), and (TRVG) (TRVG), with businesses in those sectors likely to be down as much as 50% year over year in the next few quarters. Read More...
Estimates for internet companies’ earnings continue to ratchet lower and lower—with a couple of noteworthy exceptions in e-commerce and content streaming. Wednesday morning, J.P. Morgan internet analyst Doug Anmuth cut estimates for most of the companies he covers in the face of the expanding impact from the coronavirus pandemic. Anmuth concedes that his revisions “are our best guess at the current time,” and that had he done this a week ago, “it would almost certainly not have been by enough.” Anmuth’s biggest cuts are for online travel agencies like (BKNG) (ticker: BKNG), (EXPE) (EXPE), (TRIP) (TRIP), and (TRVG) (TRVG), with businesses in those sectors likely to be down as much as 50% year over year in the next few quarters.
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