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Steven Zhu

Director and Equity Research Analyst at UBS Group AG

Steven Zhu is a Director and Equity Research Analyst at UBS Group AG, specializing in China Internet and Media sector coverage. He focuses on companies such as Alibaba Group, JD.com, Meituan, Pinduoduo, and Tencent, and has achieved strong performance metrics, including top analyst rankings and high accuracy rates on investment platforms like TipRanks. Steven began his career in finance over a decade ago, with previous experience at prominent firms including Morgan Stanley before joining UBS in 2017. He holds professional credentials such as FINRA Series 7 and 63 licenses and has been recognized for his insightful investment research and industry expertise.

Steven Zhu's questions to IAC (IAC) leadership

Question · Q3 2025

Steven Zhu from UBS Group AG asked about the steps IAC has taken to adapt to changes in LLM-designated high-value content and move away from traditional SEOs. He also inquired about the strategies to control and maintain traffic from other sources, given the accelerating decline in Google Search traffic, which now accounts for 24% of core sessions, down from over 50% two years ago.

Answer

Neil Vogel, CEO of People Inc., addressed the Google Search decline, noting that traffic from Google has fallen from 60% at the time of the merger to 24%, indicating they can see 'the other side of this.' He explained that they fill the sessions gap and maintain healthy sessions through a combination of owned emails, Google Discover, direct traffic, referral traffic, and direct-to-consumer initiatives like My Recipes and the People app.

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Question · Q3 2025

Steven Zhu (question asked by Vanessa) inquired about the steps People Inc. has taken to adjust to changing LLM content designation and move away from traditional SEOs. She also asked about the accelerating decline in Google Search traffic (now 24% of core sessions) and how People Inc. is controlling traffic from other sources.

Answer

Neil Vogel, CEO of People Inc., addressed the decline in Google Search traffic, noting it's down from 60% to 24% and that they 'can see the other side of this.' He explained that People Inc. is filling the sessions gap through a combination of owned emails, Google Discover, direct traffic, referral traffic, and direct-to-consumer initiatives like My Recipes and the People app, to maintain healthy sessions.

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