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China Video Streamer iQIYI Stands Still After Cutting Content Investment
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variety.comPatrick Frater Asia Bureau ChiefChinese video platform iQIYI is rapidly losing out to rival Tencent, latest financial results show.The Baidu-backed iQIYI reported on Tuesday that that it had more than halved its losses in the three months from July to September that make up the third quarter of its financial year.
Net loss attributable to iQIYI was RMB1.2 billion ($173 million), compared to net losses of RMB3.7 billion in the same period in 2019.
Losses per ADR share were RMB1.61 ($0.24), compared to diluted net loss of RMB5.04 in the same period of 2019.Subscriptions numbers, at 104.8 million, were fractionally down.
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