iQIYI Inc ADR

IQ: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Iqiyi Earnings: Continued Revenue Declines Underscore Structural Headwinds and Overvaluation

Ivan Su

Nov 20, 2025

Iqiyi's third-quarter weakness was driven by a 21% year-on-year decline in content distribution revenue and a 7% drop in advertising revenue, weighed down by performance-based ads. Growth in brand advertising only partially offset these declines.

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iQIYI Inc ADR

Iqiyi Earnings: Continued Revenue Declines Underscore Structural Headwinds and Overvaluation

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