Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>First quarter revenue rose 13% to Y97.9bn and operating profit rose 30% to Y8.2bn. The full year forecast to 9/18 was left unchanged with sales expected to be Y420bn (+13%) and operating profit expected at Y30bn (-2%). Overall there was nothing really to surprise in these numbers.</p><p>Internet advertising, 50% of sales, saw revenue and operating profit increase 17% and 16% respectively. This is a growth market and is particularly led by growth in the smart phone add market which is growing at a much…</p>

First quarter revenue rose 13% to Y97.9bn and operating profit rose 30% to Y8.2bn. The full year forecast to 9/18 was left unchanged with sales expected to be Y420bn (+13%) and operating profit expected at Y30bn (-2%). Overall there was nothing really to surprise in these numbers.Internet advertising, 50% of sales, saw revenue and operating profit increase 17% and 16% respectively. This is a growth market and is particularly led by growth in the smart phone add market which is growing at a much…

CyberAgent (4751) First Quarter Results Comment

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