Patrick Frater Asia Bureau Chief After more than a decade of losses, Chinese video streamer iQiyi Tuesday unveiled another improved quarter.
But its problems are scarcely in the rear-mirror and it simultaneously announced that it will raise a further $500 million of capital.
Revenues in the April to June 2022 period, the second quarter of iQiyi’s financial year, dropped by 13% to RMB 6.66 billion.
Net losses for the quarter weighed in at RMB214 million. That was a massive reduction compared with the RMB1.40 deficit recorded in the equivalent quarter in 2021.
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