IQ: Expect Better Online Video Business In 4Q19 And Onward As IQ Adopts New PPV Model; Advertising Revenue Impacted By Coronavirus In 1Q20
IQ will report 4Q19 results on February 27th after the markets close followed by a 7pm EST conference call. The company’s advertising business is likely to be down significantly in 1Q20 due to the outbreak; however, its online video business is positive as IQ has started to adopt a new business model of pay-per-view (PPV) since November 2019, which is positive to its online video monetization. Consensus 1Q20 revenue at RMB7,303M needs to come down as it includes unadjusted advertising revenue projections. Based on our data and calculations, we believe IQ’s total revenue in 4Q19 is likely to be higher than consensus at RMB7,123M, and the number of members is likely to be around 108M.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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