IQiyi Shares Slide on Lower 2Q Profit, Revenue

By Connor Hart

Shares of iQiyi hit a 52-week low after the Chinese video-streaming platform's profit and revenue fell in the second quarter.

The stock dropped 15% to $2.60 in early-afternoon trading Thursday, marking its largest percent decrease since January 2023. The stock, which is on pace for its lowest close since November 2022, is down 47% since the beginning of the year.

The company reported a profit of 68.7 million yuan ($9.6 million), or CNY0.07 per American depositary share, down from CNY365.2 million, or CNY0.37 per ADS, in last year's quarter.

Adjusted earnings per ADS were CNY0.25, just ahead of the CNY0.24 that analysts polled by FactSet had expected.

Revenue fell almost 5% to CNY7.44 billion. Analysts had expected revenue of CNY7.42 billion, according to FactSet.

Year over year, membership services revenue fell 9%, while online advertising services revenue decreased 2%. These losses were partially offset by a 2% increase in content distribution revenue.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

August 22, 2024 13:03 ET (17:03 GMT)

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