New Street: IQ 1Q21 Results - 2Q Guide Reflects Weak Content Outlook; FY Recovery Intact
What’s new: iQIYI’s reported 1Q21 top-line results were above consensus and our expectations. 2Q guidance reflects potential pressure on membership revs due to weaker content pipeline coupled with potential delays in content with the upcoming CCP anniversary in July. We maintain our PT at USD27 due to the potential recovery of the overall business on increasing ARPU and normalizing of content supply.Analysts:
Jin Yoon
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