China online video provider iQIYI said second-quarter revenue fell 5% year over year to RMB 6.29 billion.
Net loss attributable to the company widened to RMB 287.5 million, while adjusted net loss was RMB 209.7 million. Adjusted operating income was -RMB 30.3 million and operating income was -RMB 104.8 million.
The current average analyst rating on the shares is "buy", with 8 strong buy or buy ratings, 10 hold ratings and no sell or strong sell ratings.
Wall Street's median 12-month price target for iQIYI Inc is $1.49, about 12% above its August 17 closing price of $1.33. The stock recently traded at 560 times next 12-month earnings, versus a P/E of 50 three months ago.
iQIYI repurchased 21.8 million ADSs under its share buyback program.
The company did not provide specific financial guidance for the current or future periods in the press release.
The company said the net loss widened mainly because of increased income tax expense relating to adjustments at a Chinese mainland subsidiary.
Content distribution revenue increased 56% year over year, mainly driven by higher cash transactions. Selling, general and administrative expenses fell 22% year over year, mainly due to disciplined marketing spending.
