iQiyi Inc. (NASDAQ: IQ), a leading online entertainment service in China, witnessed a significant pre-market plummet of 9.42% on Tuesday, following the company's disappointing Q4 2024 earnings release.
The disappointing financial results stemmed from a weaker content slate during the quarter, which adversely impacted the company's primary revenue stream - membership services. iQiyi reported a non-GAAP net loss of $0.01 per American depositary share (ADS), in line with analysts' estimates. However, total revenue of $906 million missed the FactSet consensus estimate of $913.55 million, reflecting a year-over-year decline of 14%.
Membership services revenue decreased by 15% year-over-year to $562.1 million, while online advertising services revenue and content distribution revenue also witnessed declines of 13% and 20%, respectively. This revenue slump can be attributed to the lighter content lineup, which likely impacted subscriber growth and advertising demand.
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