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Half of the top-grossing apps for 2018 came from companies based in China.
iQiyi, widely seen as the "Netflix of China," tumbled as much as 12% Wednesday after the company missed on both the top and bottom lines.
One of the Netflix of China’s biggest competitors soars 7% after earnings show it’s dominating a key demographic
Shares of Bilibili, one of the biggest competitors of the Netflix of China iQiyi, jumped more than 7% in Wednesday trading. The company's strong earnings showed it was popular among a key demographic in the country.
iQiyi is trading down more than 8% on Friday, and have lost more than 23% since their June high. The sell-off comes amid a lack of any headlines, and looks to be technical.
10-year-old iQiyi went public in March after being spun off by the Chinese search giant Baidu in an initial public offering that raised $2.25 billion for the video service. It currently boasts 20 million subscribers.
Facebook-owned apps dominated the App Store charts during the first three months of the year, but a Chinese-made music video app called Tik Tok took first place with an estimated 45 million downloads.
Baidu is gaining ground after topping estimates and revealing plans for a US IPO of its Netflix-like platform
Baidu reported quarterly earnings that beat Wall Street expectations while unveiling a plan to list its Netflix-like video platform on a US exchange.
In a surprising announcement, Nintendo said it would bring Mario and Zelda games to Android in China through Nvidia's Shield console.
Netflix CEO Reed Hastings loves his company's dark animated comedy “BoJack Horseman,” but Chinese censors seem less enthusiastic.