your point is valid PB, but the overall spending goes down during recession, specially in the retail space APT primarily targets.
However, I see the worries for recession are bigger than the chances of it happening. Lot of steps to boost the economy have already been actioned. Liberal win, no cut in CGT discount, no cut in negative gearing, no cut in franking credit, APRA reducing credit serviceability, two interest rate cuts, tax cuts for middle income earners. all this for Australia.
All these factors together must make a difference in slowing down economy.
For US, indeed the trade war issue weighs heavily. However, due to that, lot of big people are losing too much money, too fast. To win second term, Trump will do something to bring it back, and he is pretty good at that.
Feds have already reaffirmed rate cuts.
So, IMO, it looks a temporary dip in economy, but nobody can predict exactly....is the sky falling? most probably not.
APT has other challenges looming though...like too many competitors jumping in this space. even if this all reinforces the domain itself, it still gets difficult to keep the momentum without losing some margin and dominance. So, I think they have slowed down in their growth, the numbers spoke up in their last update. 1.5million was short of expectations.
As far as they are growing, even at slightly slower speeds, it's ok. Future still looks bright.
I really liked the assessment by Goldman Sachs....they must get innovative and start making use of the data they are collecting to set themselves apart from all the other new competitors jumping in. More features/benefits they provide to their clients, better scope of them growing faster as well as better sources of revenue.
All IMO.
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