iQiyi Shares Plunge 13% as Q2 Results Disappoint Amid Content Challenges

Stock Track08-22

Shares of iQiyi Inc. , a leading online entertainment platform in China, plunged as much as 13.74% in morning trading, after the company reported disappointing second-quarter financial results.

For the quarter ended June 30, 2024, iQiyi posted revenue of RMB 7.44 billion ($1.02 billion), down 9.1% year-over-year and missing analyst estimates of RMB 7.42 billion. The company's non-GAAP earnings per American Depositary Share (ADS) stood at RMB 0.25 ($0.03), in line with expectations but significantly lower than RMB 0.61 in the same period last year.

The lackluster performance was primarily attributed to a fluctuation in the company's content slate, which affected its membership services revenue, the largest contributor to iQiyi's top line. Membership services revenue declined 9% year-over-year to RMB 4.5 billion ($618.6 million), reflecting challenges in attracting and retaining subscribers with compelling content offerings.

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