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China's iQiyi Sinks After Posting Declining 2024 Earnings Despite Positive Outlook @iQIYIofficial https://t.co/m8b1lvbPsZ
IQiyi's net profit tumbled 60% to CNY764 million (USD105 million) last year from the year before, the Chinese video streaming platform said in an earnings report. Revenue fell 8% to CNY29.2 billion (USD4 billion). Shares [NASDAQ: IQ] closed down 9% yesterday. @iQIYIofficial https://t.co/oNHfwKjiaV
YipitData reportedly has cautious comments on Netflix $NFLX, noting that business performance across all geographies is tracking below expectations.
iQIYI, the Chinese video streaming platform, reported disappointing fourth-quarter earnings for 2024, with an adjusted earnings per share of -$0.01 and revenue of $906 million, reflecting a decline driven by a lighter content slate. Membership services revenue dropped 15%, contributing to a 60% decrease in net profit year-over-year, totaling CNY764 million (approximately USD105 million). Overall revenue fell 8% to CNY29.2 billion (USD4 billion). Despite these challenges, iQIYI anticipates strong subscriber growth in early 2025. Following the earnings report, shares of iQIYI (NASDAQ: IQ) closed down 9%.