iQIYI drops after report of large round of layoffs

Dec. 01, 2021 10:58 AM ETiQIYI, Inc. (IQ)By: Joshua Fineman, SA News Editor5 Comments

iQIYI (NASDAQ:IQ) fell 2.1% after a report of a "massive" round of layoffs at the Chinese video platform.
Some departments have laid off all of their staff, according to various media reports, including Sina Tech. IQ has not issued a statement on the job cuts.
At least one report claims that 20%-40% of of IQ employees have been laid off, according to China Business News.
Earlier this month, iQIYI tumbles post Q3 earnings, advertising revenue dips.