Why iQIYI Stock Tumbled Today
Shares of iQIYI (NASDAQ: IQ) slumped on Tuesday after the Chinese streaming company reported its third-quarter results. While iQIYI beat analyst estimates across the board, a decline in subscribers and weak guidance sent the stock down 15.4% by 11:45 a.m. EST.
iQIYI reported third-quarter revenue of $1.1 billion down 3% year over year and $20 million higher than the average analyst estimate. Earnings per American depositary share came in at a loss of $0.24; analysts were expecting the per-share loss to be $0.17 bigger.
Image source: Getty Images.
Source Fool.com
