Canaccord Genuity on Technology - Internet Solutions - Internet: YHOO/NFLX traffic growth accelerates; AOL slows
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity on Technology - Internet Solutions - Internet: YHOO/NFLX traffic growth accelerates; AOL slows
comScore (Nasdaq: SCOR) released February US traffic data today. In this report we highlight any trends for Yahoo!, AOL, IAC, and Netflix...Yahoo! (Nasdaq: YHOO) unique visitor growth accelerates. Yahoo! unique visitor growth accelerated 350bps sequentially to 0.2% y/y in February, though on a m/m basis users dropped 3.3%. The acceleration was driven by strength in email, entertainment, automotive, travel, and real estate. Search/navigation, news/information, and sports experienced decelerating growth. Across its top 14 segments, Yahoo gained 100bps of page view share in February on a rolling three-month basis. This is the first time that this measure of unique visitor share has been positive in over a year, though in aggregate the company saw a 9.5% decline in page views."
"AOL (NYSE: AOL) unique visitor declines accelerate. On a panel-only basis, AOL unique visitor growth decelerated 100bps sequentially to -11.2% in February. Divisionally, performance was mixed; instant messenger, homepage, and MapQuest growth deceleration offset growth acceleration in e-mail, search, and news. On a page view basis, AOL lost 50bps of market share in February on a rolling three month basis, identical to January share loss levels. Divisionally, email gained share, while MapQuest, search/navigation and instant messenger lost share."
"IAC/InterActive’s (Nasdaq: IACI) properties mixed. Match experienced reported page view share gains of 220bps sequentially, due to its acquisition of OKCupid; organically, share dropped 70bps sequentially. ServiceMagic gained 20bps of page view market share in February, and unique visitors increased 46% y/y versus down 7% in January. Citysearch saw pageviews increase 35%, a deceleration from 43% growth last month. We are revising our model to reflect adjusted share count and depreciation figures, and we have adjusted our future cash flow expectations, causing us to raise our DCF-derived price target for IAC from $28 to $32.
Netflix (Nasdaq: NFLX) sees growth acceleration. Netflix unique visitors were up 43% in February, an acceleration from up 34% in January. Given January and February traffic numbers, Q1/11 implied unique visitor growth for Netflix is up 38% y/y, slightly below Q4/10 unique visitor growth of 39%. Competitively, Hulu growth was flattish at 9% y/y in February, while Redbox growth accelerated sequentially to 38% y/y, and Blockbuster growth decelerated to -35% y/y."
comScore (Nasdaq: SCOR) released February US traffic data today. In this report we highlight any trends for Yahoo!, AOL, IAC, and Netflix...Yahoo! (Nasdaq: YHOO) unique visitor growth accelerates. Yahoo! unique visitor growth accelerated 350bps sequentially to 0.2% y/y in February, though on a m/m basis users dropped 3.3%. The acceleration was driven by strength in email, entertainment, automotive, travel, and real estate. Search/navigation, news/information, and sports experienced decelerating growth. Across its top 14 segments, Yahoo gained 100bps of page view share in February on a rolling three-month basis. This is the first time that this measure of unique visitor share has been positive in over a year, though in aggregate the company saw a 9.5% decline in page views."
"AOL (NYSE: AOL) unique visitor declines accelerate. On a panel-only basis, AOL unique visitor growth decelerated 100bps sequentially to -11.2% in February. Divisionally, performance was mixed; instant messenger, homepage, and MapQuest growth deceleration offset growth acceleration in e-mail, search, and news. On a page view basis, AOL lost 50bps of market share in February on a rolling three month basis, identical to January share loss levels. Divisionally, email gained share, while MapQuest, search/navigation and instant messenger lost share."
"IAC/InterActive’s (Nasdaq: IACI) properties mixed. Match experienced reported page view share gains of 220bps sequentially, due to its acquisition of OKCupid; organically, share dropped 70bps sequentially. ServiceMagic gained 20bps of page view market share in February, and unique visitors increased 46% y/y versus down 7% in January. Citysearch saw pageviews increase 35%, a deceleration from 43% growth last month. We are revising our model to reflect adjusted share count and depreciation figures, and we have adjusted our future cash flow expectations, causing us to raise our DCF-derived price target for IAC from $28 to $32.
Netflix (Nasdaq: NFLX) sees growth acceleration. Netflix unique visitors were up 43% in February, an acceleration from up 34% in January. Given January and February traffic numbers, Q1/11 implied unique visitor growth for Netflix is up 38% y/y, slightly below Q4/10 unique visitor growth of 39%. Competitively, Hulu growth was flattish at 9% y/y in February, while Redbox growth accelerated sequentially to 38% y/y, and Blockbuster growth decelerated to -35% y/y."
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