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Chinese Streamer iQiyi Increases Profits in First Quarter
Patrick Frater Asia Bureau Chief Chinese video streamer iQiyi reported increased profits in the first quarter of the year, derived from lower revenue. The company, which is NASDAQ-listed but majority owned by Chinese tech giant Baidu, said that net income attributable to iQiyi grew to RMB655 million ($90.8 million), compared to RMB618 million in the same period in 2023. Revenues were RMB7.9 billion ($1.1 billion), a decrease of 5% year-on-year. “We have been generating positive operating cash flow for eight consecutive quarters, and our balance sheet continued to improve,” said Wang Jun, the company’s chief financial officer. Performance transparency, however, has recently been reduced.
