iQiyi Inc. (NASDAQ: IQ), the Chinese video streaming platform, witnessed a significant pre-market plunge of 7.44% on Thursday, as investors reacted to the company's disappointing earnings performance and a new convertible bond offering.
The company reported a swing to a net loss of RMB189 million in the fourth quarter of 2024, compared to a net income of RMB466 million in the same period of 2023. For the full fiscal year, net income dropped by a substantial 60% to RMB764 million from RMB1.9 billion in the previous year. Revenue figures were also lackluster, with a year-over-year decline of 8.3% to RMB29.22 billion for the full year, and a 14% drop in the fourth quarter to RMB6.6 billion.
Additionally, iQiyi announced the launch of a $300 million convertible bond offering, which could potentially dilute existing shareholders' equity and contribute to the stock's downward pressure.
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