Why Shares of iQiyi Dropped Today
Shares of iQiyi (NASDAQ: IQ) slumped on Friday after the Chinese video streaming company reported its fourth-quarter results. iQiyi beat analyst estimates for both revenue and earnings, but its outlook reflected "substantial uncertainty." The stock was down 9.4% at 12:25 p.m. EST.
iQiyi reported fourth-quarter revenue of $1.1 billion, up 7% year over year and $90 million above the average analyst estimate. The total subscriber base reached 106.9 million, up 22% year over year, with 98.9% of that total paying subscribers.
Image source: Getty Images.
Source Fool.com
