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: U.S. shares of iQiyi drop as subscribers decrease

Economy, Finance

IQiyi Inc.’s IQ U.S.-traded shares fell in the extended session Wednesday after the Chinese streaming-video company said it lost subscribers compared with a year ago. IQiyi American depositary receipts fell 8% after hours, following a 0.5% decline to close the regular session at $24.98. IQiyi said it had 101.7 million subscribers at the end of the fourth quarter, compared with 106.9 million in the year-ago period, and that this was primarily why revenue declined. The company reported earnings of 32 cents a share while revenue declined 1% to $1.1 billion from the year-ago period. Analysts surveyed by FactSet had forecast a loss of 36 cents a share on revenue of $1.16 billion.

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