The Latest Breaking News from IQ

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Key Takeaways: A Reuters report says search engine giant Baidu is considering selling the recently profitable iQiyi platform with a target price of $7 billion

Baidu, Inc (NASDAQ:BIDU) is exploring selling its controlling stake in iQIYI, Inc (NASDAQ:IQ) at a potential valuation of ~$7 billion, Reuters reports. Baidu, which owns 53% of iQIYI and holds over 90% of its shareholder voting rights, looks to sell all its holdings in China's Netflix, Inc (NASDAQ:NFLX) counterpart. Baidu's targeted valuation of $7 billion represents…

Baidu, Inc (NASDAQ:BIDU) reported first-quarter FY22 revenue growth of 1% year-on-year to $4.48 billion, beating the consensus of $4.18 billion.  Segments: Baidu's Core revenue increased 4% Y/Y to $3.37 billion; Online marketing revenue declined 4% Y/Y to $2.47 billion, and Non-online marketing revenue jumped 35% Y/Y to $903 million, driven by cloud and other AI-powered businesses.…

Baidu Inc (NASDAQ:BIDU) explored options after the U.S. SEC added the Chinese search engine giant to a list of companies that faced delisting concerns, Reuters reports. Beijing refused to permit U.S. officials to review their auditors' work, Bloomberg reports. A 2020 U.S. law mandated a three-year clock for firms to comply with inspection…

Given the increasing geopolitical tensions between China and the United States, potential delisting concerns, and rising COVID-19 cases in China, Chinese stocks listed in U.S exchanges have been plummeting in price of late. Because this trend is expected to continue, we think fundamentally weak Chinese stocks iQIYI (IQ) and New…

Alibaba Group Holding Ltd (NYSE:BABA) and Tencent Holdings Ltd (OTC:TCEHY) employees saw a job cut of 30%, the Print reports as per speculation on Weibo Corp (NASDAQ:WB). Internal speculation among employees was that Alibaba looked to lay off 30% of its employees while Tencent between 10% - 30% of its employees. Tencent started layoffs within small business…

JP Morgan upgraded iQIYI Inc (NASDAQ:IQ) to Overweight, seeing multiple drivers improve margins this year after Q4 earnings. The firm raised its price target to $8 from $5, implying a 61% upside. "We expect further margin improvement in the next few quarters, driven by cost savings in content cost and opex, which should prove that iQiyi…