Baidu Is Betting on AI-Enabled Businesses, but We Think the Uncertainty of Monetization Is Very High
Baidu’s fourth-quarter top line is largely in line with our estimates, but its operating income is less than our estimates, mainly due to increased content cost. Revenue excluding Qunar’s impact is flattish year on year as a result of the decrease in active online marketing customers in an environment of stricter verification. The operating margin is continuously depressed by iQiyi and online-to-offline services, and came in at 12% in the fourth quarter, versus 15.3% in the previous quarter and ...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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