Analysts expect latest money-making ventures to take time
) tumbled 7% in premarket trading on Thursday after its quarterly revenue and forecast fell short of estimates, with analysts saying it would take time for the company’s new money-making ventures to bring in returns.
Analysts said while there was some progress in these ventures, it was still too early to dub them a success. Inflation was starting to bite its ability to hike subscription prices, as households look to trim spending, she added. “Revenue growth has not hit double digits since the fourth quarter of 2021 despite price hikes and revenue enhancement initiatives like paid sharing and the introduction of ad-supported tiers,” Morningstar analysts wrote in a note.
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