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- QIYI Inc IQ reported third-quarter FY21 revenue growth of 6% year-on-year to $1.2 billion, marginally beating the consensus of $1.19 billion.
- Segments: Membership services revenue grew 8% Y/Y at $665.5 million, Online advertising services revenue declined 10% Y/Y to $257.7 million, Content distribution revenue rose 60% Y/Y to $97.3 million, and Other revenues increased 3% Y/Y to $157.3 million.
- Margin: The operating loss margin was (18)% versus (17)% last year.
- Loss per ADS of $(0.34) was in line with the consensus.
- It held $1.7 billion in cash and equivalents.
- "During the third quarter, we experienced significant uncertainty in terms of content scheduling, which resulted in softer than expected top-line performance," commented CEO Yu Gong. "We expect the uncertainty to largely remain, so we are proactively adapting ourselves to the new market environment."
- Outlook: iQIYI sees Q4 revenue of $1.10 billion - $1.17 billion, below the consensus of $1.21 billion.
- Price Action: IQ shares traded lower by 4.54% at $8.20 in the premarket session on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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