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BEIJING - Chinese streaming platform iQIYI (NASDAQ:IQ) reported first quarter revenue that exceeded analyst expectations, while earnings fell short on Wednesday.
The company’s shares rose 3.76% in pre-market trading following the announcement.
iQIYI posted revenue of RMB7.19 billion ($1.11 billion) for the first quarter, surpassing the consensus estimate of RMB7.1 billion. This represents a YoY increase of 15% compared to the same quarter last year. However, adjusted earnings per share came in at RMB0.19, missing analyst projections of RMB0.30 by RMB0.11.
The revenue beat suggests iQIYI continues to grow its subscriber base and monetization efforts in China’s competitive streaming market. However, the earnings miss indicates the company is still facing challenges in translating top-line growth to profitability.
As the streaming wars heat up in China, iQIYI’s ability to continue growing revenue while improving profitability will be key metrics to watch in future quarters.
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