Louis Navellier is rating this stock an “A” – Get In Now!

On May 24, the man who found “the stock of the century” will reveal one of his top stocks for 2022 – for FREE – in a special presentation.

Tue, May 24 at 4:00PM ET
 
 
 
 

iQIYI Layoffs: 10 Things for IQ Stock Investors to Know About the Massive Job Cuts

IQIYI (NASDAQ:IQ) stock is on the move Wednesday following reports that the company is cutting a huge amount of its workforce in layoffs.

The IQ Stock logo on a smartphone representing iQIYI Layoffs.

Source: NYC Russ / Shutterstock.com

Let’s dive into that report below to see how it’s affecting IQ stock today.

  • Starting off, we have to point out that iQIYI hasn’t made any official announcement about the potential layoffs.
  • Instead, all we have to run on are reports coming out of China about the job cuts.
  • According to these, the Chinese video streaming company has cut between 20% and 40% of its entire workforce.
  • Some of the reports state that some departments have laid off all of their employees.
  • It’s still unclear exactly why iQIYI would be holding such massive layoffs.
  • However, we should note that it released earnings for Q3 last month.
  • That saw shares of IQ stock take a beating after advertising revenue decreased.
  • Today’s layoffs news is all resulting in heavy trading of iQIYI’s stock.
  • As of this writing, roughly 7.5 million shares of the stock have changed hands.
  • That’s quickly approaching the company’s daily average trading volume of about 7.9 million shares.

IQ stock is down 5.1% as of Wednesday afternoon and is down 67.1% since the start of the year.

Investors that are looking for more stock market news today are in the right place!

InvestorPlace offers daily coverage of the top stock market stories and today is no different. A few examples to consider checking out include BeyondSpring Pharmaceuticals (NASDAQ:BYSI) stock falling on FDA news, what to know about Nubank as it prepares for an IPO, as well as OceanPal (NASDAQ:OP) shares rising following the company’s public debut. You can get up to speed on these subjects by following the links below!

More Stock Market News for Wednesday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. 

Read More:Penny Stocks — How to Profit Without Getting Scammed


Article printed from InvestorPlace Media, https://investorplace.com/2021/12/iqiyi-layoffs-10-things-for-iq-stock-investors-to-know-about-the-massive-job-cuts/.

©2022 InvestorPlace Media, LLC