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