iQiyi, Chinese Video Streamer, Profits Halved in Third Quarter
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variety.comPatrick Frater Asia Bureau Chief Chinese video streaming group iQiyi incurred setbacks in subscriptions and advertising, but was able to improve its content sales, leading to a July to September quarter that was down in revenue and profit terms.
Total revenues were RMB7.2 billion ($1.0 billion), a decrease of 10% year over year in the third quarter of iQiyi’s current financial year.
Net income attributable to iQiyi was RMB229 million ($32.7 million), compared to RMB476 million in the same period in 2023. The company no longer discloses subscriber numbers, only subscriber revenues.
It said that membership services revenue was RMB4.4 billion ($622 million), decreasing 13% year over year, primarily due to a lighter content slate.
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