iQIYI Shares Down Despite Swing to 3Q Profit
Provided by
Dow Jones
By Dean Seal
IQIYI's American depositary receipts fell after the company swung to a profit on higher revenue in the third quarter.
The stock was down 9.1% at $4.76 in midday trading.
The Chinese video-streaming platform posted a profit of 475.9 million Chinese yuan ($65.2 million), compared with a loss of RMB395.6 million in the same quarter a year ago.
Adjusted earnings, which strip out one-time items, were RMB0.64 (9 cents) per American depositary share.
Revenue rose 7% to RMB8 billion ($1.1 billion).
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 21, 2023 13:33 ET (18:33 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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