IQ (update) posted its first earnings not long after 3/18 IPO YOY rev growth = 57%. Margin increased by 12% guided for 42-48% growth next Q. This may be sandbagged given Q-1 performance Assuming IQ can hold 45% growth for a whole year, it only trades at 3.2x forward revs. NFLX trades at 8.7x forward revs. MC = $12.5B