Chinese Streaming Giant IQIYI Pivots To AI After Q1 Revenue Slides 13%

IQIYI Inc.   (NASDAQ: IQ )  on Monday reported first-quarter results  broadly in line with expectations. Management's guidance reflects a deceleration in the year-over-year revenue decline, according to Benchmark. The IQIYI Analyst: Analyst Fawne Jiang reiterated a Hold rating on the stock. The IQIYI Thesis: The key takeaway from the print is the company's "accelerating strategic pivot toward AI-driven production and a more decentralized content ecosystem," Jiang said in the note. Check out other analyst stock ratings . The Q1 Results: IQIYI's total revenue contracted 13% year-on-year to RMB 6.2 billion but came in-line with consensus estimates, with continued weakness across major segments, the analyst stated. He added that: Although membership services declined 5% year-on-year, the company reported sequential growth, driven by a strong performance from premium titles like The Punishment and Pursuit of Jade. Advertising revenue fell 7% year-on-year. Content distribution revenue shrank 43% year-on-year. IQIYI's profitability deteriorated sequentially, while the ... Full story available on Benzinga.com