iQIYI (NASDAQ:IQ) earnings for the Chinese entertainment company’s third quarter of 2019 have IQ stock heading higher in after-hours trading Wednesday. This is due to its diluted per-share loss of -70 cents, which is better than Wall Street’s estimate of -72 cents. Revenue of $1.00 billion is just below analysts’ estimates of $1.02 billion.
Here’s what else is worth mentioning from the most recent iQIYI earnings report.
- Diluted losses per share are 11.11% wider than the -63 cents reported in the third quarter of 2018.
- Revenue is up 7% from the same time last year.
- An operating loss of -$396.20 million is 7.69% worse YoY.
- The iQIYI earnings report also includes a net loss of -$516.0o million.
- That’s a 19.36% wider net loss than what was reported in the same period of the year prior.
Dr. Yu Gong, Founder, Director and Chief Executive Officer of iQIYI, says this about the current IQ stock earnings.
“Growing 30% year-over-year, our subscription business contributed more than half of our total quarterly revenues for the first time. This once again demonstrated the strength of our platform and validated our dedication to producing high quality original content.”
The iQIYI earnings report also includes its outlook for the fourth quarter of 2019. This has it expecting revenue between $960 million and $1.02 billion. For comparison, Wall Street is looking for revenue of $992.66 million in the fourth quarter of the year.
IQ stock was up 3.84% after markets closed on Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.