The biggest intraday decline since March came after the company’s management disclosed in its earnings reports that it was under investigation by the U.S. Securities and Exchange Commission. Iqiyi’s major shareholder < / P > < p > New Street gave up its buy rating and predicted that the stock would not rise until the uncertainties were eliminated. However, Jeffrey maintained its bullish rating on iqiyi, saying “short-term adverse factors will not change the long-term outlook.”. < / P > < p > iqiyi’s revenue in the second quarter was 7.4 billion yuan, exceeding the company’s expected 7.3 billion yuan; the number of subscription members was close to 105 million, less than the company’s expected 108 million. “The number of subscribers may fluctuate in the short term, depending on whether there is high-quality content on the platform.”. < / P > < p > iqiyi’s management estimates that the median net revenue in the third quarter will be 7.2 billion yuan, lower than the 7.9 billion yuan predicted by new street. “This outlook reflects the limited predictability of iqiyi’s subscription business and the slow recovery of advertising business.”.