CMCSA - Comcast Corporation

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
-0.66 (-1.46%)
At close: 4:00PM EDT
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Previous Close45.09
Bid0.00 x 21500
Ask0.00 x 800
Day's Range44.39 - 45.05
52 Week Range32.61 - 45.26
Avg. Volume18,254,664
Market Cap201.658B
Beta (3Y Monthly)1.04
PE Ratio (TTM)16.84
EPS (TTM)2.64
Earnings DateJul 25, 2019
Forward Dividend & Yield0.84 (1.86%)
Ex-Dividend Date2019-07-02
1y Target Est48.63
Trade prices are not sourced from all markets
  • Netflix's 2Q global paid subscriber additions miss expectations
    Yahoo Finance12 hours ago

    Netflix's 2Q global paid subscriber additions miss expectations

    Netflix reported second-quarter earnings results after market close Wednesday.

  • Netflix Plunges After Biggest Stumble Since DVD-by-Mail Era
    Bloomberg8 hours ago

    Netflix Plunges After Biggest Stumble Since DVD-by-Mail Era

    (Bloomberg) -- Netflix Inc. shocked investors by reporting a drop in U.S. customers and much slower growth overseas, raising fears that the streaming giant is losing momentum just as competitors prepare to pounce.The shares plunged as much as 13% to $314 in late trading after Netflix reported the loss of 130,000 customers in the U.S. -- the result of higher prices and a weak slate of TV shows. It signed up 2.8 million subscribers internationally in the period, roughly half what the company predicted.“Netflix has a difficult road ahead, with looming competition and the removal of popular content,” said EMarketer Inc. analyst Eric Haggstrom. But a stronger lineup of new shows in the current quarter could help attract former subscribers, he said.The quarter represents the biggest black eye for Netflix since 2011, when the company split its DVD-by-mail business from its streaming business. That move raised prices for its customers, and resulted in the loss of more than 800,000 subscribers in the U.S. The company had planned to call the DVD service Qwikster, but it backpedaled on the plan after investors and customers scoffed at the idea.Netflix said the miss is a one-time blip rather than a long-term problem. The second quarter has typically been its weakest time of year: The company missed its forecast during the period in three of the past four years.Netflix looks to add 7 million subscribers in the current quarter, thanks in part to the return of top shows “Stranger Things” and “Orange Is the New Black.”“Our position is excellent,” Chief Executive Officer Reed Hastings said during a videoconference call Wednesday. “We’re building amazing capacity for content. Our product has never been in better shape.”Heavy SpendingFor now, the second-quarter shortfall is renewing investor concern about the company’s heavy program spending and low profitability. Netflix shelled out more than $3 billion on programming in the quarter and another $600 million to market its shows. The company spent $594 million more than it took in and will need to raise money to fund programming.Investors had been forgiving about the spending and the debt -- so long as customers grew at record rates. But the loss of subscribers in the U.S. was the first since the Qwikster debacle, and it suggests Netflix may be running into price resistance or the limits of the addressable domestic market. The company has forecast it can reach as much as 90 million customers in the U.S., compared with 60.1 million currently.Overseas SlowdownInternational results flagged too, with the company missing its own forecast of 4.7 million new subscribers. Europe, Latin America and Asia have been the primary drivers of Netflix’s customer acquisition in recent years, and growth must be sustained if the company is to justify its high valuation.Netflix is introducing a cheaper, mobile-only package in India to attract customers in a big market with price-sensitive customers.Analysts expect the company to have a blockbuster second half because of a heavy release schedule that includes a new season of “The Crown” and movies by directors Martin Scorsese and Michael Bay. Even after the slowdown last quarter, Netflix still thinks it can have its best year of customer growth in 2019.But competition is coming. Walt Disney Co. and Apple Inc. plan to introduce streaming services this year, while offerings from Comcast Corp. and AT&T Inc. arrive in 2020. Those services may not steal users from Netflix, but they will make future growth harder, according to Michael Pachter, an analyst with Wedbush Securities.Just a Preview?“We saw a preview of next year with this quarter,” Pachter said in an interview with Bloomberg Television. “Next year, they’ll have a couple quarters where they’ll lose subscribers.”Another challenge: Competitors are taking back rights to programs that have been popular on Netflix, including “Friends” and “The Office,” to use for their own services. That will force Netflix to rely even more on its original productions.Those efforts have largely been successful. Its shows just earned 117 nominations for the 2019 Emmy awards. But reruns of old shows still constitute the majority of viewing.The slowdown in users overshadowed the company’s quarterly financial results. Earnings for the second quarter fell to 60 cents a share, but beat analysts’ estimates of 56 cents. Sales grew 26% to $4.92 billion, compared with projections of $4.93 billion.The stock had been up 35% for the year at the close of regular trading, nearly double the gain of the S&P 500. The decline spread to related stocks such as Roku Inc., which makes set-top boxes that deliver the streaming service. Its shares fell as much as 3.6% after hours.(Updates with CEO’s comment in seventh paragraph.)To contact the reporter on this story: Lucas Shaw in Los Angeles at lshaw31@bloomberg.netTo contact the editors responsible for this story: Nick Turner at, Rob GolumFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • Comcast (CMCSA) Dips More Than Broader Markets: What You Should Know
    Zacks10 hours ago

    Comcast (CMCSA) Dips More Than Broader Markets: What You Should Know

    In the latest trading session, Comcast (CMCSA) closed at $44.43, marking a -1.46% move from the previous day.

  • Netflix Is Losing Its Most Popular Show in 2021
    Motley Fool14 hours ago

    Netflix Is Losing Its Most Popular Show in 2021

    The news was expected, but that doesn't make it easier to digest.

  • Netflix Earnings Will Show Whether Price Hikes Are Paying Off
    Bloomberg16 hours ago

    Netflix Earnings Will Show Whether Price Hikes Are Paying Off

    (Bloomberg) -- Netflix Inc.’s earnings should help answer a key question for the streaming giant: whether customers are willing to pay more in an increasingly competitive market.After boosting prices in markets around the world, the company will deliver its second-quarter results on Wednesday afternoon. Analysts don’t expect much growth at home -- they’re predicting a mere 309,240 subscriber additions in the U.S. on average -- but the hope is that the increases and more users overseas will let Netflix sustain the expansion investors have come to expect.“Recent price increases in multiple countries should result in revenue acceleration starting this quarter,” Citigroup Inc. analyst Mark May said in a research note.Wall Street is projecting revenue of $4.93 billion for the period, up 26%. Analysts also will be closely watching the growth in average revenue per user, international profitability, domestic streaming contribution margins and user engagement.Netflix is the dominant paid video streaming service, but it has reason to shore up its position right now. Walt Disney Co., AT&T Inc.’s WarnerMedia and Comcast Corp.’s NBCUniversal are all racing to deliver their own online services, ushering in a new era of intense competition.Against that backdrop, Netflix is building its presence overseas. The company is expected to report the addition of 4.75 million subscribers internationally in the second quarter, according to analyst data compiled by Bloomberg.Shares in the company have risen 36% this year, nearly double the gain of the S&P 500. But it’s still unclear how many customers globally are willing to pay for its product. Greg Peters, the company’s chief product officer, has hinted at the need for a lower-priced subscription tier for users with less disposable income.Read more: The ‘Stranger Things’ hunt for a billion-dollar franchiseSunTrust analyst Matthew Thornton views investor sentiment as neutral-to-cautious heading into earnings, particularly with the stock down as much as 1.2% intraday. But Netflix’s June content slate should lift some spirits as the bank has seen increased web searches for original series like “When They See Us” and “Black Mirror,” Thornton told clients in a note.Things should get more interesting for Netflix in the second half. On the plus side, the Los Gatos, California-based company will get a boost from new seasons of “Stranger Things” and “Orange Is the New Black.” Earlier this month, “Stranger Things” got off to a record start, with 40 million household accounts watching in the first four days of the new season.But Disney’s highly anticipated $6.99-a-month streaming service, called Disney+, arrives in November. Though no one is expecting a large-scale defection from Netflix to Disney+, it should shake up the industry.What Bloomberg Intelligence Says:The price increases should accelerate 2Q average revenue per unit and revenue gains, even as operating margin isn’t expected to improve until 2H with a 13% target for the full year.-- Geetha Ranganathan, senior media analyst-- Click here for the researchJust the Numbers2Q streaming paid net change estimate +5.06 million (Bloomberg MODL data)2Q U.S. streaming paid net change estimate +309,240 2Q international streaming paid net change estimate +4.75 million2Q revenue est. $4.93 billion (range $4.73 billion to $4.98 billion) 2Q GAAP EPS est. 56c (range 52c to 65c)3Q revenue estimate $5.23 billion (range $4.89 billion to $5.52 billion)3Q GAAP EPS estimate $1.03 (range 63c to $1.39)Data32 buys, nine holds, four sells; average price target $398.57 Shares rose after six of prior 12 earnings announcements GAAP EPS beat estimates in nine of past 12 quarters To see deep estimates in this story NFLX US Equity MODLTimingEarnings release expected 4 p.m. (New York time) July 17Conference call website; also follow along on our live blog(Adds SunTrust commentary in eighth paragraph, updates share move and estimates.)\--With assistance from Karen Lin.To contact the reporter on this story: Kamaron Leach in New York at kleach6@bloomberg.netTo contact the editors responsible for this story: Catherine Larkin at, Nick Turner, Rob GolumFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • TheStreet.com18 hours ago

    Comcast at All-Time Highs Is Attractively Valued

    Comcast shares are at records, but the telecom-services provider's bottom-line numbers have kept the p/e multiple low. The forward multiples put the shares into bargain territory.

  • GlobeNewswire19 hours ago

    FreeWheel and Centro Partner to Give Agencies a New End-to-End, Automated Solution for Digital Media Campaigns

    Centro (, a provider of enterprise-class software for digital advertising, today announced a strategic partnership with FreeWheel Advertisers, a division of FreeWheel (, A Comcast Company (CMCSA). “By design, FreeWheel uses an open architecture for our platform so that we can give agencies choice and flexibility to use the tools that they prefer for their business.

  • Losing "Friends" and "The Office" Won't Hurt Netflix
    Motley Fool20 hours ago

    Losing "Friends" and "The Office" Won't Hurt Netflix

    Yes, those are popular, but it's new content that keeps people on board, which one of the streaming leader's big rivals has proven.

  • Financial Times22 hours ago

    Netflix stumbles as competitors prepare to swoop

    Netflix has fallen far short of its own forecasts for new subscribers, raising concerns about the streaming giant just as rivals Disney and Apple are set to swoop into its market. The company in January raised prices for all US customers.

  • MoneyShow22 hours ago

    CGI Group GIB- 2019 Top Picks' Mid-Year Update

    Gordon Pape, Canadian stock expert and editor of The Internet Wealth Builder, picked CGI Group (GIB) as his top speculative idea for 2019. The stock has since risen 57%. Here's his latest update on this IT firm.

  • Moody's2 days ago

    Midcontinent Communications -- Moody's assigns Ba3 to Midcontinent's senior secured bank credit facility; outlook remains stable

    Moody's Investors Service ("Moody's") assigned a Ba3 to Midcontinent Communications (Midco or the Company) new $985 million senior secured bank credit facility, including a term loan and revolver. Moody's also assigned a B3 to the proposed senior unsecured notes. Moody's affirmed the B1 Corporate Family Rating and B1-PD Probability of Default Rating.

  • Benzinga2 days ago

    Netflix Faces Content Shakeup As It Reports Q2 Earnings

    Streaming service provider Netflix, Inc. (NASDAQ: NFLX) potentially faces several challenges in holding onto its market share as it prepares to release Q2 earnings after the closing bell Wednesday. NFLX shares are up about 40% since the start of the year even as companies like Apple Inc (NASDAQ: AAPL) announced plans to ratchet up their streaming game. With a dwindling sitcom library, NFLX recently learned that when its contract with NBCUniversal to stream The Office expires in 2020, it will not have the option to renew it.

  • Netflix Earnings Preview: What To Expect From The Streamer's Report
    Investor's Business Daily2 days ago

    Netflix Earnings Preview: What To Expect From The Streamer's Report

    Internet television network Netflix faces a raft of concerns as it prepares to post results late Wednesday. Wall Street will be looking for commentary on competition and cost controls.

  • Quibi tunes into NBC News for daily news
    American City Business Journals2 days ago

    Quibi tunes into NBC News for daily news

    Jeffrey Katzenberg’s forthcoming mobile platform has partnered with the news organization to create daily news programming targeted to millennials.

  • Comcast's Xfinity Mobile finally lets Android users BYOD
    American City Business Journals2 days ago

    Comcast's Xfinity Mobile finally lets Android users BYOD

    Comcast's Xfinity Mobile is beginning to add bring-your-own-device options for the nearly half of smartphone users in the U.S. who don't own an iOS device. The company announced Tuesday that customers are now able to bring Android devices over to the service, and while the eligible Android phones are limited now, it expects to expand the list later this year. Customers who are already signed up for Comcast's cable or broadband service — Xfinity Mobile is only available to subscribers — can now bring their Samsung Galaxy S9, S9+, S8, S8+ and both Note 9 and 8 models to its wireless service.

  • Disney Stock Has Runway, but Not in the Short-Term
    InvestorPlace2 days ago

    Disney Stock Has Runway, but Not in the Short-Term

    Disney (NYSE:DIS) stock has seen a nice run since April, with shares up more than 30%. Investors are highly bullish on the announced Disney+ streaming service. But with the company's current valuation, is short-term upside limited?Source: Shutterstock Disney is a content machine, and the expansion of streaming will enhance monetization of its entertainment properties. But does this mean short-term upside to the Disney stock price? * 9 Retail Stocks Goldman Sachs Says Are Ready to Rip Read on to see whether the Magic Kingdom's share price still has runway.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Content is King, and Disney is King of ContentDisney's decade-long acquisition spree (Marvel, Lucasfilm) capped off with the purchase of 21st Century Fox. With franchises such as The Simpsons and Avatar joining the portfolio of Star Wars, and the Marvel Universe, it is safe to say Disney is "King of Content."According to Box Office Mojo, Disney's film distribution arm (Buena Vista) had a 34.9% studio market share for the first half of 2019. Combined with 20th Century Fox's 3.9% market share, the combined Disney-21st Century Fox took home nearly 40% of theatrical box office receipts.While theatrical is only a small portion of film entertainment revenues, these figures indicate how the popularity of the company's content is leaps and bounds ahead of peers.Warner Bros., which is owned by AT&T (NYSE: T) subsidiary WarnerMedia, had only a 14.4% market share. Comcast's (NASDAQ:CMCSA) Universal had a 13.5% market share. Sony's (NYSE:SNE) Columbia Pictures had a 9.8% market share. Paramount Pictures, a unit of Viacom (NYSE:VIA) was far behind the pack, with just 5.1% studio market share.But is this extensive collection of entertainment franchises the company's key to beating Netflix (NASDAQ:NFLX), Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), and Apple (NASDAQ:AAPL) in the streaming wars? Streaming Strategy Key Catalyst for Disney StockAfter the 21st Century Fox purchase, Disney owns two-thirds of streaming service Hulu. Disney now has full operational control, and can buy out Comcast's one-third stake as early as 2024.Along with ESPN+, Disney already has assets in place to rival Netflix in the streaming wars. Add in Disney+, and the company could leverage their content dominance into a commanding streaming market share.But in the short-term, the company's streaming platforms are losing money. Both ESPN+ and Hulu generate operating losses. Disney+ will lose money for several years as well, with the company anticipating the service to only reach profitability in 2024.Disney generates sufficient free cash flow ($2.7 billion alone in Q1 2019) to subsidize these losses, but in the short-term could see earnings take a dip. Excluding one-time items, the company's Q1 EPS was down 13% YoY.On the other hand, Disney may be able to use increased operating efficiencies to mitigate streaming losses. The 21st Century Fox acquisition is slated to be accretive to earnings, as the company expects $2 billion in cost synergies by 2021.Long-term, the streaming strategy could push the Disney stock price to new highs. But at the current valuation, can investors expect additional short-term upside? Valuation: DIS Stock Pricey, But Could See More ExpansionTo a value investor, Disney stock is a hard pass. Trading at 22 times forward earnings, and at an Enterprise Value/EBITDA ratio of 19, DIS stock sells at a premium to its direct peers:Viacom: 10 times forward earnings, EV/EBITDA of 7.7CBS (NYSE:CBS): 8 times forward earnings, EV/EBITDA of 9.5AT&T: 9 times forward earnings, EV/EBITDA of 7.7Comcast: 13.4 times forward earnings, EV/EBITDA of 10But comparing DIS stock's valuation to its "old media" peers may be the wrong way to look at the stock. To the investing community, Disney's killer combo of billion dollar franchises and streaming infrastructure justifies a premium valuation.If the company continues to meet expectations, investors could bid up the Disney stock price to a valuation closer to that of Netflix and Amazon.But are investors getting ahead of themselves? It could be five years before shareholders see a return on the streaming build-out. With several years until streaming becomes a cash cow, investors may have better opportunities to enter Disney stock down the road. Disney Stock Price Has Runway, But Not in the Short-TermDisney has proved itself time and time again to the investing community. Figuring out new ways to reinvent the wheel, the content juggernaut is a master at monetizing entertainment. With this impressive track record, it is highly likely the streaming strategy will be another game-changer.But the streaming growth story is fully baked into the Disney stock price. Short-term, this could mean that shares tread water at the current price level, potentially falling off if the company's quarterly results fail to meet expectations.Long-term, the streaming strategy could move the needle once it reaches profitability. But in terms of short-term gains, investors should be cautious before entering a position in DIS stock.As of this writing, Thomas Niel did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 9 Retail Stocks Goldman Sachs Says Are Ready to Rip * 7 Services Stocks to Buy for the Rest of 2019 * 6 Stocks to Buy and 1 to Sell Based on Insider Trading The post Disney Stock Has Runway, but Not in the Short-Term appeared first on InvestorPlace.

  • HBO reclaims Emmy throne from Netflix with record 137 nominations
    American City Business Journals2 days ago

    HBO reclaims Emmy throne from Netflix with record 137 nominations

    Netflix upped its total this year to 117, but it wasn’t enough to rule the TV awards season this time, as HBO earned the most nominations for a network in a single year.

  • GuruFocus.com2 days ago

    FPA Crescent Fund Sells Mohawk Industries, JD.Com

    Fund's largest sales of 2nd quarter Continue reading...

  • Xfinity Mobile Launches Bring Your Own Device (BYOD) for First Android Smartphones
    Business Wire2 days ago

    Xfinity Mobile Launches Bring Your Own Device (BYOD) for First Android Smartphones

    Comcast today announced that Xfinity Internet customers can now bring their own Android-based devices to Xfinity Mobile by visiting Xfinity Store locations across the country. Initially, Samsung Galaxy S9, S9+, S8, S8+, Note 9 and Note 8 models qualify for BYOD, and Comcast expects to be able to activate additional Android-based devices on the Xfinity Mobile network later in 2019. From July 16 to August 4, customers can get a $100 prepaid card when they bring their own eligible Android phone, activate a new line, and port their number to Xfinity Mobile.

  • What Makes Comcast (CMCSA) a Strong Momentum Stock: Buy Now?
    Zacks2 days ago

    What Makes Comcast (CMCSA) a Strong Momentum Stock: Buy Now?

    Does Comcast (CMCSA) have what it takes to be a top stock pick for momentum investors? Let's find out.

  • Zacks2 days ago

    Netflix (NFLX) Q2 Earnings to Gain on Subscriber Growth, ARPU

    Netflix's (NFLX) second-quarter 2019 results are likely to be driven by subscriber growth despite intensifying competition and price hikes.

  • Is Comcast (CMCSA) Stock Outpacing Its Consumer Discretionary Peers This Year?
    Zacks2 days ago

    Is Comcast (CMCSA) Stock Outpacing Its Consumer Discretionary Peers This Year?

    Is (CMCSA) Outperforming Other Consumer Discretionary Stocks This Year?

  • Here is Why Growth Investors Should Buy Comcast (CMCSA) Now
    Zacks2 days ago

    Here is Why Growth Investors Should Buy Comcast (CMCSA) Now

    Comcast (CMCSA) is well positioned to outperform the market, as it exhibits above-average growth in financials.

  • Markit2 days ago

    See what the IHS Markit Score report has to say about Comcast Corp.

    Comcast Corp NASDAQ/NGS:CMCSAView full report here! Summary * Perception of the company's creditworthiness is positive * Bearish sentiment is low * Economic output in this company's sector is expanding Bearish sentimentShort interest | PositiveShort interest is extremely low for CMCSA with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting CMCSA. Money flowETF/Index ownership | NeutralETF activity is neutral. ETFs that hold CMCSA had net inflows of $10.38 billion over the last one-month. While these are not among the highest inflows of the last year, the rate of inflow is increasing. Economic sentimentPMI by IHS Markit | PositiveAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Consumer Services sector is rising. The rate of growth is strong relative to the trend shown over the past year. Credit worthinessCredit default swap | PositiveThe current level displays a positive indicator. CMCSA credit default swap spreads are near the lowest level of the last one year and indicate improvement in the market's perception of the company's credit worthiness.Please send all inquiries related to the report to and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.

  • Comcast Has a $45 Billion Cricket Problem
    Bloomberg2 days ago

    Comcast Has a $45 Billion Cricket Problem

    (Bloomberg Opinion) -- England won the Cricket World Cup on Sunday, defeating New Zealand in one of the greatest one-day games ever played. The victory was characterized by the sort of risk-taking and inventiveness which Comcast Corp.’s British pay-TV arm could also use.Sky has long been the broadcast home of English Premier League soccer games. In the past 15 years, it has also hoovered up the rights to cricket matches, Formula One racing, and much more besides. Popular as these sports are in the U.K., though, they don’t have the same cultural pervasiveness as soccer. As more and more games have disappeared behind a paywall, younger viewers have switched off.This is a strategic threat to Sky, which built a pay-TV empire by charging viewers to watch English soccer matches and then adding more sports. The fewer fans there are, the more difficult it will be to attract new customers. The 4.2 billion pounds ($5.3 billion) it spent on domestic Premier League rights alone over the past three years represented almost a quarter of its total European programming costs. But there is a counter-intuitive way to head this off, particularly when it comes to less popular sports: show matches for free occasionally.The need to do this will become more pressing as the giants of Silicon Valley take their first, tentative steps into sports. Inc. will broadcast a handful of Premier League games next season, Facebook Inc. has deals to show Spanish soccer in India, and Alphabet Inc.’s YouTube will show some Major League Baseball games this year.The hope for the league administrators and teams that own the broadcast rights is that these new entrants offer a way out of the almost Faustian pact they have made with subscription broadcasters: in return for more money, they have had to sacrifice some of their audience. The tech firms have both huge user bases and seemingly bottomless pockets of cash. Little wonder the Premier League went so far as to give Amazon a cut-price deal to give it a taster of its appeal.Look at what happened when Sky allowed Channel Four, a British free-to-air broadcaster, to broadcast Sunday’s important match: the number of viewers doubled. Contrast that with the wider decline: Since Sky took English cricket behind a paywall in 2006, the audience for the Ashes, England’s biennial series against Australia, has fallen by almost 90%. The figures for F1 are also falling.The appetite for watching live sport on TV appears to be waning as people have got used to highlights on social media. If Sky can rekindle enthusiasm for these events among younger viewers, it would have a chance of reversing that trajectory. Give them a taste, foster their interest, and they might buy a subscription.The broadcaster, which Comcast acquired for 36 billion pounds in 2018, has time to experiment. The tech giants might take a few years to start bidding on rights for big sporting events as they establish whether the economics add up. For the broadcasters, there are inevitable risks, not least of losing existing subscribers who are happy with just the free-to-air matches. The trick will be selecting carefully which games it picks – and keeping the very best content behind the paywall.To contact the author of this story: Alex Webb at awebb25@bloomberg.netTo contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at©2019 Bloomberg L.P.