iQIYI drops after weak Q4 forecast

PetIQ

17/11/2021 11:26

** U.S.-listed shares of China-based video streaming
platform  IQ.O  fall 5.1% to $8.15 premarket
    ** Co expects Q4 revenue between RMB 7.08 bln ($1.11 bln)
and RMB 7.53 bln ($1.18 bln), below Wall Street consensus of RMB
7.74 bln ($1.21 bln) according to Refinitiv data
    ** Says it experienced significant uncertainty in content
scheduling in Q3, and expects the uncertainty to largely remain
    ** Co reported revenue of RMB 7.46 bln in Q4 2020
    ** IQ's Q3 net loss per ADS widens to RMB 2.17, on revenue
of RMB 7.59 bln; analysts expected net loss per ADS of RMB 2.22
and revenue of RMB 7.60 bln
    ** Q3 advertising revenue fell 10%; co cites less premium
content launched as well as challenging macroeconomics in China
    ** Brokerage Jefferies says it will look out for commentary
on advertising outlook, paying subscriber trends (especially in
lower tier cities), profitability, and impact of China's new
Personal Information Protection Law in IQ's Q3 earnings call
    ** IQ is a subsidiary of Chinese search engine giant Baidu
Inc  BIDU.O   9888.HK 
    ** BIDU up 1.6% premarket after Q3 revenue and profit beat
estimates  urn:newsml:reuters.com:*:nL4N2S820P  urn:newsml:reuters.com:*:nL4N2S829E
    ** IQ down 51% this year, through Tuesday's close

($1 = 6.3800 Chinese yuan renminbi)

 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com; Twitter: https://twitter.com/ruhithere;))