Why iQiyi Stock Jumped 15% Higher in February
Shares of iQiyi (NASDAQ: IQ) jumped 15.4% in February, according to data from S&P Global Market Intelligence, after the Chinese streaming video platform reported better-than-expected fourth-quarter earnings, building on a stronger performance that had been building up for most of the year.
iQiyi, which is seen as China's version of Netflix, said revenue came in at $1.1 billion and generated a profit of $0.35 per share, or $0.98 per share on an adjusted basis. Analyst Daniel Chen at J.P. Morgan was surprised by the robust growth iQiyi produced, noting adjusted earnings were 176% more than what it had forecast. Chen subsequently raised the one-year price target on the stock to $11 per share from $8 per share.
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Source Fool.com
