China’s iQIYI Cuts Quarterly Loss to $193 Million as Content Supply Issues Persist
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variety.comPatrick Frater Asia Bureau ChiefChinese streaming firm iQIYI published first quarter results that were better than its previous guidance and a lengthy letter to shareholders asserting that it has the best content model and technology in the sector.In a regulatory filing, the company said that revenues in the January to March first quarter of its 2021 financial year had grown 4% to RMB8.0 billion ($1.2 billion) and that net losses had been more than halved, falling from RMB2.9 billion in the equivalent quarter of 2020 to RMB1.3 billion ($193 million) this time around.Subscriptions and membership revenue were both down on the first quarter of last year.
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