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If MARTIN NIEMÖLLER was on social media

First they banned Alex Jones, and I did not speak out—because I had never heard of him. Then they banned Louis Farrakhan, and I did not speak out— because I’m not Snoop Dog. Then they banned the climate change ‘deniers’, and I did not speak out—because I was cold. Then they came for me—but I […]

Facebook shareholders finally get the message

What is it about the warning that advertising growth was going to “come down meaningfully”, that markets didn’t understand from last year’s guidance? Perhaps it was our old friend ‘recency bias’ at work, given the sustained high rates of top line growth through both the second half of last year and into the first half […]

Zuckerberg keeps digging

Facebook is “responsible for the content” on its platform, Zuckerberg says Wow, now that’s quite an admission! Zuckerberg, by implication no longer sees Facebook as an open social platform to enable users to connect and share their own content, but one where Facebook participates in the ownership of that content and can impose its own […]

What’s wrong with Facebook?

Markets don’t seem to like Facebook. Those with access to the mean reversion analysis in the GrowthRater WebApp will be aware of the systematic relationship between organic revenue growth for these super-normal ‘growthers’ and how far out markets are reaching out to revert the growth rating and OpFCF yield back a market average. While also […]

Facebook Q3 results: Shaking out the momentum traders, albeit still a little early for the deep value guys

It has a great model and enormous growth potential, but you’ll have to excuse my cynicism at the way revenues, margins and expectations were pumped up this year. (see my comment back in May after the Q1 results – http://growthrater.com/facebook-q1-beat-followed-controlling-shareholder-share-sale-ring-bells/#topbar_header) Having pushed higher yielding newsfeed-only advertising on mobile and saturated advertising loadings, we’ve […]

Markets get nervous on Ad Agencies ahead of long awaited ANA report on media kick-backs

Phantom menace It’s taken eight months, but is seems the Association of National Advertisers (ANA) is finally ready to release its eight month investigation into US media agency rebates. Its apparent pre-release briefing to a number of trade publications and newspapers suggests that it has uncovered ‘Non-Transparent’ practices, including claims that agencies are collecting media […]

Facebook: Q1 beat followed by controlling shareholder share sale – ring any bells?

Facebook shares had a good bounce on its blistering Q1 results which, oh so conveniently, accompanied its announcement of a stock split into new non-voting C class shares. This is a similar ploy the one Vere Rothermere used a few years ago with the DMGT scrip issue as a way of enabling him (well at […]

Facebook – Q2 FY14: Squeezing out the returns, but DAU growth slowing

Facebook: Unparalleled qualitative information on consumers and unmatched reach makes Facebook a must have for both advertisers and NSA alike. For the moment, the group is managing the migration to lower yield mobile and overseas users while sustaining overall yield growth of +41% YoY and +14% QoQ and somewhat surprisingly, an average yield increase on […]