Categories Earnings, Technology

iQiyi (IQ) reports narrower-than-expected loss for Q3

iQiyi (NASDAQ: IQ) reported a narrower-than-expected loss for the third quarter of 2019 but revenues fell short of estimates. Shares gained 5.6% in aftermarket hours.

Total revenue of RMB7.4 billion ($1 billion) was up 7% compared to the same period last year but fell short of estimates of $1.02 billion.

Net loss attributable to iQIYI was RMB3.7 billion ($516 million), compared to a loss of RMB3.1 billion last year. Net loss attributable to iQIYI per ADS was RMB5.04 ($0.70). Analysts had forecast a loss of $0.72 per share.

The number of subscribers grew 31% year-over-year to 105.8 million, of which 99.2% were paid subscribers.

During the quarter, membership services revenue grew 30% year-over-year to RMB3.7 billion ($520 million), driven by strong growth in subscribers.

Also read: Square Q3 2019 Earnings Report 

Online advertising services revenue fell 14% year-over-year to RMB2.1 billion ($289.2 million), mainly due to the challenging macroeconomic environment in China, the delay of certain content launches and the heavy competition in in-feed advertising.

Content distribution revenue was RMB680.4 million ($95.2 million), down 18% from last year, mainly due to the delay in certain content launches during the quarter. Other revenues increased 12% to RMB932.3 million ($130.4 million), mainly driven by the game business following several new game launches this year by Skymoons.

For the fourth quarter of 2019, iQIYI expects total revenues to be between RMB6.86 billion ($0.96 billion) and RMB7.28 billion ($1.02 billion), representing a -2% to 4% increase from the same period in 2018. 

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