Why iQiyi Stock Is Soaring Today
Shares of iQiyi (NASDAQ: IQ) are soaring today, up by 15.1% as of 2:15 p.m. EST, after the Chinese video-streaming platform announced better-than-expected third-quarter 2019 results.
Revenue climbed 7% year over year to 7.4 billion yuan (or roughly $1 billion), translating into a net loss of 3.7 billion yuan ($516 million), or 5.04 yuan per American depositary share ($0.70). Analysts, on average, were predicting a wider loss of $0.72 per ADS on roughly the same revenue.
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Source Fool.com
