Profits Crumble by 80% at iQiyi, Chinese Video Streamer, in Second Quarter
variety.comPatrick Frater Asia Bureau Chief China-based video streaming company iQiyi recorded a 5% decrease in revenue in the second quarter and an 80% plunge in net profits.
The firm said Thursday that revenues in the April to June period came in at RMB7.45 billion ($1.04 billion at current rates of exchange), down year-on-year and also 6% lower than the first quarter.
Net profit was RMB68.7 million ($9.6 million). That compared with RMB365 million ($51.1 million) in the equivalent quarter last year and with a RMB655 million ($91.7 million) profit in the January-March first quarter.
Last year was the first ever that the company achieved annual net profits, a feat that it achieved on declining subscriber numbers (101 million at the end of December 2023) that was more than offset by increased average revenues per user.
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