IQIYI (NASDAQ:IQ) earnings for first quarter of 2020 have IQ stock taking a beating after markets closed on Monday. This follows it reporting a diluted per-share loss of 3.92 yuan. That’s just above Wall Street’s estimate of loss of 3.98 yuan for the quarter. The company’s revenue of 7.65 billion yuan also beats out analysts’ estimates of 7.32 billion yuan.
Let’s take a more in-depth look at the most recent iQIYI earnings report below.
- Diluted losses per share are 55.6% worse than its 2.52 yuan reported in the first quarter of 2019.
- Revenue is up 9% compared to 6.99 billion yuan in the same period of the year prior.
- Operating loss of 2.24 billion yuan is a 10.4% decline year-over-year from -2.03 billion yen.
- The iQIYI earnings report also has its net loss coming in at 2.88 billion yuan.
- That’s a 58.2% wider net loss compared to the 1.82 billion yuan reported during the same time last year.
Dr. Yu Gong, founder, director and CEO of iQIYI, said this about the current quarter:
“We delivered solid results during the first quarter despite very challenging environment caused by the COVID-19 outbreak. Total revenues increased 9% year-over-year while user time spent and number of subscribers both achieved robust growth, with subscribers reaching 119 million, an increase of 23% year-over-year and a net addition of 12 million from previous quarter.”
IQIYI also provides guidance for Q2 2020 in the earnings report. It is expecting revenue to come in between 7.25 billion yuan and 7.67 billion yuan. Wall Street’s estimate is for revenue of 7.68 billion yuan during the quarter.
IQ stock was down 5% after-hours Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
