iQIYI Clocks 3% Revenue Growth In Q2 Driven By iQIYI Lite App's Popularity, Beats On Q2, Issues Q3 Guidance

  • Chinese online video platform iQIYI Inc IQ reported second-quarter FY21 revenue growth of 3% year-on-year to $1.2 billion, beating the analyst consensus of $1.14 billion. Alphabet, Inc's  GOOG GOOGL YouTube revenue expanded 83% Y/Y to $7.34 billion above the consensus of $6.37 billion.
  • Segments: Membership services revenue was flat Y/Y at $618.4 million, Online advertising services revenue grew 15% Y/Y to $282.7 million, Content distribution revenue declined 20% Y/Y to $106.5 million, and Other revenues increased 20% Y/Y to $170.7 million.
  • Margin: The operating loss margin improved 200 bps to (15)% as the cost and expenses remained relatively subdued.
  • Loss per ADS of $(0.27) beat the analyst consensus loss of $(0.34).
  • The number of total subscribing members reached 106.2 million as of Jun. 30, driven by the original dramas launched during the quarter.
  • iQIYI saw encouraging momentum from its iQIYI Lite app targeting lower-tier cities in China and from its overseas expansion.
  • It held $1.9 billion in cash and equivalents.
  • Outlook: iQIYI sees Q3 revenue of $1.18 billion - $1.25 billion, representing a 6% - 12% growth Y/Y, against the analyst consensus of $1.25 billion.
  • Price Action: IQ shares traded higher by 1.27% at $10.34 in the premarket session on the last check Thursday.
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