Why iQIYI Stock Dropped Today
Shares of iQIYI (NASDAQ: IQ) dropped by as much as 11% today after the company reported fourth-quarter earnings. The results were somewhat mixed compared to expectations, but the company is losing subscribing members.
Revenue in the fourth quarter was 7.46 billion yuan ($1.1 billion), just shy of the 7.47 billion yuan that analysts were modeling for. That resulted in a net loss per American depository share (ADS) of 2.10 yuan ($0.32), which was better than the 2.21 yuan per ADS that the market was expecting iQIYI to lose. The Chinese technology company, which operates various online entertainment and social media platforms, said the total number of subscribing members had declined to 101.7 million, down from 106.9 million at the end of 2019.
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Source Fool.com
