iQiyi (NASDAQ:IQ) earnings had a negative impact on IQ stock late in the day as the company’s latest quarterly results were below what the company amassed during its year-ago quarter.
The Beijing, China-based company said that for its third quarter of fiscal 2018, it brought in total revenue of RMB6.9 billion ($1 billion), which marks a 48% increase compared to the same period in its fiscal 2017.
iQiyi said that its operating loss for the period tallied up to RMB2.6 billion ($377.3 million), while the company’s operating loss margin was 37%, compared to an operating loss of RMB1.1 billion and an operating loss margin of 23% during the same period in fiscal 2017.
The company’s net loss attributable to iQiyi was RMB3.1 billion ($457.3 million), which is wider than the RMB1.1 billion net loss from the same period during the previous fiscal year. iQiyi added that the number of total subscribing members was 80.7 million as of the end of the period, over 98% of whom were paying subscribing members.
This differs from the 42.7 million of total subscribing members as of the year-ago quarter, marking an 89% increase year-over-year.
IQ stock plummeted about 11.5% after the bell as the company reported its latest quarterly earnings results, which saw the company’s operating loss margin widen from year to year. The company’s shares had risen about 3.9% during regular trading hours in anticipation of its results.