iQiyi Inc. (NASDAQ: IQ) shares plummeted over 5% in pre-market trading on Thursday, following the company's mixed third-quarter earnings report. The Chinese streaming giant's revenue declined 10% year-over-year, missing expectations, while earnings narrowly beat estimates.
The key factors weighing on iQiyi's stock include:
iQiyi's management struck an optimistic tone, highlighting the company's market leadership position and opportunities in emerging areas like interactive entertainment and generative AI. However, investors remain skeptical about iQiyi's ability to drive meaningful revenue and profit growth in the near term, contributing to the stock's pre-market sell-off.
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