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Update: IQIYI Shares Fall After Company Swings to Q1 Non-GAAP Loss, Revenue Falls

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(Updates with the latest stock movement in the first paragraph and headline.)

IQIYI (IQ) shares were down 2.6% in Monday afternoon trading after the company swung to a Q1 non-GAAP loss and reported lower revenue.

The company reported a Q1 non-GAAP net loss Monday of 0.24 Chinese renminbi ($0.04) per diluted American depositary share, swinging from earnings of 0.31 renminbi a year earlier.

Analysts polled by FactSet expected a loss of 0.21 renminbi.

Revenue for the quarter ended March 31 was 6.23 billion renminbi, down from 7.19 billion renminbi a year earlier.

Analysts polled by FactSet expected 6.23 billion renminbi.

Price: $1.13, Change: $-0.03, Percent Change: -2.59%

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