Q1 25 EPS
$0.05
MISS 84.75%
Est. $0.30
Q1 25 Revenue
$1.06B
MISS 85.13%
Est. $7.10B
vs S&P Since Q1 25
-67.6%
TRAILING MARKET
IQ -39.5% vs S&P +28.1%
Market Reaction
Did IQ Beat Earnings? Q1 2025 Results
iQIYI delivered a sharply disappointing first quarter, missing Wall Street expectations by wide margins as a lighter content slate weighed heavily on the company's core businesses. The Chinese streaming giant posted revenue of $1.06 billion for Q1 20… Read more iQIYI delivered a sharply disappointing first quarter, missing Wall Street expectations by wide margins as a lighter content slate weighed heavily on the company's core businesses. The Chinese streaming giant posted revenue of $1.06 billion for Q1 2025, falling 9.3% year over year and coming in 85.13% below the $7.10 billion consensus estimate, while earnings per share of $0.05 missed the $0.30 analyst forecast by 84.75%. The primary culprit was a thinner drama and movie lineup compared to the content-rich Q1 2024 period, which dragged membership services revenue, the company's largest segment, down 8% year over year to $646.21 million, and pushed online advertising revenue 10% lower to $195.06 million. Operating income collapsed to $50.22 million from $138.78 million a year ago, compressing operating margin from 12% to just 5%. On a brighter note, iQIYI returned to profitability sequentially, posting net income of $26.76 million after a loss in Q4 2024, supported by a $6.15 million foreign exchange gain and improving interest expense trends.
Key Takeaways
- • Long-form dramas maintained leadership in total viewership market share according to Enlightent
- • Micro dramas demonstrated notable growth in viewership and engagement
- • Lighter content slate compared to Q1 2024 pressured membership and advertising revenue
- • Decrease in brand advertising business drove online advertising revenue decline
- • Content distribution decline due to lower drama series distribution and fewer theatrical movie releases
- • Content cost improvement from refined content strategy and lighter movie offerings
- • Higher marketing spending drove SG&A increase of 11% YoY
- • Foreign exchange gain and declining interest expense improved total other expense
IQ YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
IQ Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered a solid first quarter, with total revenues and operating income growing sequentially by 9% and 20%, respectively. We are pleased to see that our long-form dramas continued to lead in total viewership market share, according to Enlightent, while our micro dramas demonstrated notable growth in viewership and engagement during the quarter.”
— Yu Gong, Q1 2025 Earnings Press Release
IQ Earnings Trends
IQ vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
IQ EPS Trend
Earnings per share: estimate vs actual
IQ Revenue Trend
Quarterly revenue: estimate vs actual
IQ Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.22 | $-0.04 | +83.81% | $913.3M | -85.39% |
| Q4 25 MISS FY | $0.06 | $0.02 | -73.62% | $998.1M | -85.20% |
| FY Full Year | — | $0.04 | — | $4.01B | — |
| Q3 25 BEAT | $-0.13 | $-0.02 | +82.84% | $981.6M | -85.05% |
| Q2 25 BEAT | $-0.03 | $0.00 | +110.39% | $973.7M | -85.35% |
| Q1 25 MISS | $0.30 | $0.05 | -84.75% | $1.06B | -85.13% |