IQIYI (IQ) Q2 Loss Narrower Than Expected, Revenues Rise Y/Y
Zacks Investment Research | Aug 19, 2019 09:13PM ET
iQIYI (NASDAQ:IQ) reported second-quarter 2019 adjusted loss of 49 cents per ADS. The loss was narrower than the Zacks Consensus Estimate of a loss of 52 cents.
In domestic currency, the company reported loss of RMB3.22 per ADS.
Revenues increased 15% from the year-ago quarter to RMB7.11 billion ($1 billion).
As of Jun 30, 2019, total subscribers increased 57.9% year over year and hit a milestone of 100.5 million. Of this 98.9% were paid subscribers. The number of total subscribers was higher than 67.1 million as of Jun 30, 2018.
The growth was primarily driven by increase in willingness of Chinese consumers to pay for high-quality content.
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