JD.com is the second-largest e-commerce company with self-built fulfillment capacity in China.
No-moat JD’s fourth-quarter revenue met our estimate and was at the top end of guidance, but we were surprised that its operating margin in the quarter reverted to negative, reaching negative 1.4% in the quarter versus negative 0.4% in the year-ago period and 0.6% in the third quarter. Excluding new businesses such as the JD logistics third-party business, technology services, and overseas expansion, the non-GAAP operating margin would have been 0.6%, a 32-basis-point decline on the year-ago per...
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.
We have operations in 27 countries.
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