0404 GMT - Iqiyi could continue to face business headwinds in 4Q, Nomura analysts Rachel Guo and Jialong Shi say in a research note. Membership revenue likely continued its downward trend, declining 5% on quarter and 14% on year to an expected 4.1 billion yuan, given the Chinese video-streaming platform's less exciting pipeline of exclusive drama compared with peers, they say. Content distribution revenue is also likely to drop. The analysts expect segment revenue of 412 million yuan in 4Q, down 49% on quarter and 19% on year, hurt by its delayed content release. Nomura maintains a neutral rating on the U.S.-listed company and lowers the target price to $2.20 from $2.75. Iqiyi's ADRs last closed at $1.95. (tracy.qu@wsj.com)
(END) Dow Jones Newswires
November 24, 2024 23:04 ET (04:04 GMT)
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