J.P. Morgan Downgrades InfoSpace
Analyst Imran Khan says he cut his rating to neutral based on declining search and mobile fundamentals
This article is for subscribers only.
InfoSpace (INSP ) reported second-quarter results and issued guidance. J.P. Morgan cut its rating to neutral.
Analyst Imran Khan says InfoSpace's revenues were $4 million below his $87.2 million estimate, while GAAP earnings per share was 5 cents above his 39 cents estimate. He does not believe InfoSpace has finished cleaning up its distribution relationships. He says further cuts in revenue contribution from certain partners is likely in the coming quarters.