IQ 3Q23 Results: Sufficient Content Pipeline to Drive Growth in 2024
What's new: iQIYI's reported 3Q23 results were largely in-line with consensus and our expectations. Membership revs could remain flat sequentially, while ads could decelerate in 4Q partly due to seasonality in brand ads and gradual recovery in consumption environment. Content remains a key driver for top-line growth where pipeline remains sufficient heading into 2024. We maintain our PT at USD 10.
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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