The Chinese video-streaming firm iQiyi Inc (NASDAQ:IQ) was on the radars of investors yesterday and ended the day with gains of as much as 9% amidst considerable interest. The company came into focus on Thursday after it announced its financial results for the period that ended on March 31, 2022.
Trading Data
On Thursday, IQ stock gained 9.22% to $3.91 with 29.85 million shares, compared to its average volume of 27.44 million shares. The stock moved within a range of $3.7106 – 3.9600 after opening trade at $3.89. Earnings Recap
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While it is true that the revenue and subscription numbers remained a bit of a mixed bag, iQiyi managed to generate a profit and that had been a rarity for the company all this while. Hence, it is perhaps not a surprise that the stock rallied strongly yesterday.
In its filing, the company announced that it had managed to generate net income attributable to the tune of RMB169 million and that was a major swing for iQiyi, since, in the prior-year period, it had suffered a net loss attributable to the tune of a staggering RMB1.3 billion.
For more than ten years, iQiyi had been making losses consistently but in recent times it decided to change tack and focus more on profitability. The revenues for the quarter came in at RMB7.3 billion and that actually reflected a year on year drop of 9%.
Technical Data
IQ stock is trading above the 20-Day and 50-Day Moving averages of $3.61 and $3.89 respectively. However, the stock is trading below the 200-Day moving average of $5.86.
