iQiyi (NASDAQ: IQ), China’s answer to Netflix (NASDAQ: NFLX), has just hit 100 million users, thanks to its tremendous success in its domestic market. The video streaming arm of Chinese major Baidu (NASDAQ: BIDU) was pretty close to this milestone when it reported first-quarter earnings a month ago, with total subscriber count standing at 96.8 million.
Over the quarters, the Chinese company has maintained approximately 98% of its total subscribers as paid ones.
In the trailing four quarters, iQiyi’s subscriber base has seen year-over-year growths of 58%, 72%, 89% and 75% respectively. However, the stock has been hurt by the tariff war with the US, and has plunged 44% in the past 12 months of trading.
In comparison, hurt by the slower growth in a saturated US market and headwinds in a few international markets, Netflix’s year-over-year growth in paid subscriber base has been pegged in the range of 25-26% in the past few quarters.
READ: Who will take over the video streaming realm? Disney or Netflix
During the last reported quarter, Netflix said its global streaming paid memberships increased 25% to 148.9 million.
IQ stock was modestly up during pre-market trading on Monday.
On reaching the milestone, iQiyi CEO Dr. Yu Gong said, “Chinese consumers are increasingly willing to pay for high-quality content, a trend underpinned by the rapid evolvement of the entertainment industry and technology in China.”
Like Netflix, iQiyi has been shelling out a lot on original content, besides making huge investments on technologies including AI that can improve the platform.
Rite Aid, Walgreens, Accenture, Nike, Constellation Brands, and more earnings are scheduled for the week between June 24 and 28. Check out what to expect from the major earnings reports this week.
Micron Technology (NASDAQ: MU) will announce third-quarter earnings on Tuesday after the bell. Analysts expect earnings to plunge by 73.70% to $0.83 per share and revenue to dip by 38.90% to $4.77 billion. The results are likely to be hurt by pricing trends in DRAM and NAND, seasonality and investor adjustment by certain important customers. Also, the results will be hurt by a separate risk from the company’s increased exposure in the Chinese market.
Shipping giant FedEx Corporation (NYSE: FDX) will report fourth-quarter results on Tuesday. Analysts expect earnings to drop by 16.60% to $4.93 per share due to the exclusion of TNT Express integration expenses and business realignment costs. Revenue is anticipated to rise 3.30% to $17.88 billion with declines expected in FedEx Express international revenue due to slowing macroeconomic conditions and weaker global trade growth trend.
Smartphone veteran brand and cyber-security firm BlackBerry Limited (NYSE: BB) is set to post first-quarter results on Wednesday before the bell. Analysts predict breakeven per share on revenue of $264.53 million. The bottom line will be hurt by an increase in costs and expenses arising from the shift to cybersecurity. However, the top line will be benefited the combination of Cylance’s lightweight AI and machine learning cybersecurity capabilities with BlackBerry Spark.
General Mills Inc. (NYSE: GIS) will post Q4 results on Wednesday. Analysts project earnings to fall 3.80% to $0.76 per share as cost escalation continues to be a concern with the main contributors being the high costs of packaging, shipment, and raw materials. Revenue is predicted to increase by 9.20% to $4.25 billion helped by the synergies from last year’s acquisition of pet food company Blue Buffalo. Going forward, the company is likely to pursue buyouts to drive growth, while also streamlining the portfolio through divestitures.
Paychex Inc. (NASDAQ: PAYX) will announce Q4 earnings on Wednesday. Earnings are expected to increase by 6.60% to $0.65 per share and revenue is likely to grow by 12.60% to $981.11 million. The human resources solution provider’s results will be aided by the solid growth across its major human capital management product lines. The purchase of Oasis is likely to have an incremental impact on the top line this year.
Rite Aid Corporation (NYSE: RAD) is set to post first-quarter results on Wednesday after the bell. Analysts project the company to report a loss of $0.07 per share on revenue of $5.38 billion. The results will be benefited by same-store pharmacy sales and prescription count growth. The drugstore chain is expected to continue generating critical momentum in key areas of its business.
KB Home (NYSE: KBH) will report Q2 earnings on Wednesday. Analysts see a profit of $0.40 per share on revenue of $936.35 million. The decline in net orders is likely to impact housing revenues. Also, the average selling price is expected to decline due to the shift in the geographic mix of homes delivered and a lower average selling price in the company’s West Coast region. Backlog showed a decline due to fewer homes and the lower average selling price of those homes due to a shift in geographic mix.
Retailing giant Walgreens Boots Alliance Inc. (NASDAQ: WBA) could post Q3 results on Thursday before the bell. Earnings are anticipated to decline by 6.50% to $1.43 per share while revenue is likely to rise by 0.40% to $34.47 billion. The results will be hurt by the continuation of market challenges and macro trends. The company sees significant reimbursement pressure, compounded by lower generic deflation, as well as continued consumer market challenges in the US and UK.
Accenture plc (NYSE: ACN) will report Q3 earnings on Thursday. Analysts see a profit of $1.89 per share on revenue of $11.04 billion. The results will be benefited by the new bookings, which includes consulting and outsourcing. The company will be benefited by the successful execution of its strategy combined with the disciplined management of its business. This could aid in growing ahead of the market and deliver significant value for clients and shareholders.
As Conagra Brands (NYSE: CAG) announces Q4 results on Thursday, analysts expect earnings of $0.41 per share on revenue of $2.66 billion. The bottom line will be hurt by higher costs and expenses, while the top line will be benefited by the acquisitions of Pinnacle Foods and Sandwich Bros. of Wisconsin, the divestiture of the Canadian Del Monte business, and the sale of Trenton.
Nike Inc. (NYSE: NKE) will announce fourth-quarter earnings on Thursday after the bell. Analysts expect earnings to decline by 4.30% to $0.66 per share while revenue will rise by 3.90% to $10.17 billion. The bottom line will be hurt by higher costs and expenses. However, the top line will be benefited by the broad-based growth across all four of its geographies. The sneaker maker will continue investing in key capabilities to drive its digital transformation and fuel strong profitable growth into the next fiscal year and beyond.
Constellation Brands Inc. (NYSE: STZ) will report first-quarter results on Friday before the bell. Analysts predict earnings of $2.09 per share on revenue of $2.07 billion. The bottom line will be hurt by an increase in costs and expenses while the top line will be benefited by the strong portfolio depletion performance backed by Modelo and Corona brand families.
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