Patrick Frater Asia Bureau Chief China-based video streamer iQiyi achieved a surge in paying subscriptions and achieved net profits in the fourth quarter of 2022.
While still loss-making over the full year, the company hailed its turnaround as “miraculous.” In the October-December period, gross revenues were RMB7.6 billion ($1.1 billion), representing a 3% increase year over year, the company said in a regulatory filing.
Net income attributable to iQiyi was RMB304 million ($44.1 million), compared to a net loss of RMB1.8 billion in the same period in 2021.
Over the course of the full 2022, total revenues were RMB29.0 billion ($4.2 billion), representing a 5% decrease from 2021. Net losses decreased from RMB6.2 billion to RMB136 million ($19.7 million).
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