iQIYI (IQ, Financial) experienced a significant stock price drop of 5.02%, trading at $2.56 per share with a trading volume of 16.31 million shares and a turnover rate of 1.70%. The stock's recent financial report highlights an operating income of $1.027 billion, a net profit of $9.48 million, and earnings per share of $0.01. The company has a price-to-earnings ratio of 10.64.
Regarding analyst ratings, 56% of the 27 rating institutions recommend buying, 41% suggest holding, and 3% propose selling. iQIYI's entertainment sector witnessed an overall gain of 0.34%, with notable performers like Bloomz Inc., Anghami Inc., and Reservoir Media Inc. showing significant growth.
iQIYI is a Chinese online entertainment service provider engaged in internet video, live broadcasting, online gaming, literature, animation, e-commerce, and social media platforms. It earns revenue from membership and online advertising services, primarily within China.
Recent information from financial reports for the first half of 2024 indicates that iQIYI's revenue dropped by about 4.9% year-on-year to approximately 15.366 billion RMB, and net profit fell by about 26.4% to around 724 million RMB. The company’s membership revenue decreased to 4.5 billion RMB in Q1 2024, reflecting a 13% year-on-year decline. Despite various strategies, iQIYI's advertising revenue remained stagnant at 1.5 billion RMB in both Q1 2023 and Q1 2024.
