Why iQiyi Sank by 17% Today
The stock market can be very unforgiving of a company that misses any quarterly estimate, particularly with its guidance. That was the dynamic at play with China-based digital media company iQiyi (NASDAQ: IQ) on Wednesday after the company delivered a squirm-inducing set of results for its third quarter; its shares fell by over 17% on the day.
For the quarter, iQiyi earned revenue of 7.6 billion yuan ($1.2 billion), which represented 6% growth over the same period last year. That figure more or less met the average analyst estimate.
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Source Fool.com
