Aside from ongoing data compliance and antitrust scrutiny of China’s internet industry, iQiyi has been vulnerable to a political campaign against fan cultures.
Shares of iQiyi Inc. surged by almost 40% on Tuesday after the video streaming platform offered a sunnier outlook for the coming quarter in its latest earnings report.
The Nasdaq-listed firm gave back about half of those gains over the course of the day, closing 21.5% higher at $5.03 a share.
It came as the firm’s CEO Gong Yu talked up the financial prospects of its subscription model amid China’s improving copyright protection environment and increased use of screens in smart-cars. Administrative costs are also expected to drop in the first quarter after widespread layoffs in December. Continue to read the full article here