PublicWire | Emerging Market Stock News
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
No Result
View All Result
PublicWire
No Result
View All Result

Home » Entertainment » China’s Netflix counterpart, iQiyi, had their first 100M subs but stocks still plunged 10%

China’s Netflix counterpart, iQiyi, had their first 100M subs but stocks still plunged 10%

by PublicWire
August 20, 2019
in Entertainment
Reading Time: 2 mins read
0

The Netflix of China, iQiyi is on a roll having surpassed the 100-million subscriber milestone, however, good news end when amidst the celebration for having millions of users, the company’s stocks still suffered a huge plunge.

iQiyi Inc.’s IQ, -8.19%, a streaming platform in China commonly compared with Netflix Inc. NFLX, -0.84% in the U.S., shares fell more than 10% in late trading as financial results came in a bit lighter than expected. 

The plunge comes after the company reported a fiscal first-quarter net loss of 2.3 billion renminbi ($339 million), or RMB3.22 a share, on sales of RMB7.1 billion, roughly $1 billion in U.S. dollars.

Before the report was disclosed, analysts have been expecting the company to report a loss of 3.17 renminbi on revenue of RMB7.16 billion.

The company, which started offering publicly last year, has already had 100.5 million subscribers, up nearly 50% from 67.1 million a year ago with 98.9% paying for the service.

“We aspire to become a technology-based entertainment giant that brings fun and joy to people and their families,” the company said in its prospectus during its IPO.

The company also undershoot analysts’ expectations with its second-quarter forecast, guiding for revenue of 7.21 billion to 7.63 billion renminbi, while the average analyst forecast was for 7.98 billion renminbi, according to FactSet.

Since it was created in 2010, iQiyi has grown into the largest internet video streaming service in China, measured by monthly average users (MAUs) in 2017, according to iResearch, a Chinese third-party research firm that is widely quoted in the prospectus.

The company’s revenue model comes from paying subscriptions, advertising, and content distribution. The company’s original content has proved popular in China, accounting for six of the top 10 original internet drama series in the country in 2017, according to iResearch.

Previous Post

China’s Central Bank lowers lending rates starting Tuesday

Next Post

CannTrust stocks fell another 5% after weed distributor returned millions worth of pot

PublicWire

At PublicWire, we know the vast majority of all investors conduct their due diligence and get their news online in a variety of ways including email, social media, financial websites, text messages, RSS feeds and audio/video podcasts. PublicWire’s financial communications program is uniquely positioned to reach these investors throughout the U.S. and Canada as well as on a global scale.

Related Posts

Photo: kaktuslampan | Flickr | CC BY 2.0
Entertainment

Little Pony makers acquires Peppa Pig producers

August 23, 2019
0
Photo: Kristin Dos Santos | Flickr | CC BY-SA 2.0
Entertainment

CBS, Viacom inks merger to reunite as ViacomCBS

August 13, 2019
0
CEO says media companies are not a threat to Roku. Photo: Steve Johnson | Flickr | CC BY 2.0
Entertainment

Roku continues to excite the market as potential from new market entrants grow

August 12, 2019
0
Photo by freestocks.org on Unsplash
Entertainment

Disney “incrementally bullish” to reach 2020 goals amid market war with Netflix

August 8, 2019
0
CEO says media companies are not a threat to Roku. Photo: Steve Johnson | Flickr | CC BY 2.0
Entertainment

Roku’s CEO: Media Giants Are Partners And Not Enemies

May 18, 2019
0
Entertainment

Esports Entertainment Group To Exhibit For Over 400,000 Gamers at gamescom 2018, World’s Largest Gaming Conference

April 26, 2019
0
Next Post
Photo by Esteban Lopez on Unsplash

CannTrust stocks fell another 5% after weed distributor returned millions worth of pot

Please login to join discussion

Subscribe To Our Newsletter

Loading
Ad
PublicWire | Emerging Market Stock News 24/7 | Investor Relations US Stock Market

© Copyright 2022 publicwire.com

Navigate Site

  • About
  • Contact Us
  • Disclaimer
  • Watch LIVE
  • Privacy Policy
  • Terms and Services
  • Contributors

Follow Us

No Result
View All Result
  • LIVE Investor News Channel
  • Cannabis
  • Energy
  • Finance
  • General
  • Medical
  • Podcasts
  • Retail
  • Technology
  • Videos

© Copyright 2022 publicwire.com

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.