爱奇艺：Short-term headwind continues; strategic upgrades to drive long-term growth

22 Nov 2024 CMB International Global Markets | Equity Research | Company Update iQIYI (IQ US) Short-term headwind continues; strategic upgrades to drive long-term growth iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate; non-GAAP net income was down by 23% YoY to RMB480mn, ahead of consensus/our estimate of RMB266/426mn primarily due to better-than-expected opex control and foreign exchange gains. Looking ahead in 4Q24E, w ...