Why iQiyi Stock Rocketed Higher on Tuesday
Shares of iQiyi (NASDAQ: IQ) charged sharply higher on Tuesday, surging as much as 39.4%. As of 1:30 p.m. ET, the stock was still up 22.2%.
The catalyst that sent the Chinese streaming video platform higher was its quarterly earnings report that was far better than expected.
For the fourth quarter, iQiyi generated revenue of 7.39 billion yuan (roughly $1.2 billion), which was essentially flat year over year. The company reported an operating loss of 975.2 million yuan ($153 million), much improved from its loss of 1.3 billion yuan in the prior-year period. This resulted in a loss per share of 0.33 yuan ($0.05).
Source Fool.com
