iQIYI Shares Down Despite Swing to 3Q Profit

iQIYI Shares Down Despite Swing to 3Q Profit

IQIYI’s American depositary receipts fell after the company swung to a profit on higher revenue in the third quarter.

The stock was down 9.1% at $4.76 in midday trading.

The Chinese video-streaming platform posted a profit of 475.9 million Chinese yuan ($65.2 million), compared with a loss of RMB395.6 million in the same quarter a year ago.

Adjusted earnings, which strip out one-time items, were RMB0.64 (9 cents) per American depositary share.

Revenue rose 7% to RMB8 billion ($1.1 billion).

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