(China Daily) iQIYI, a leading provider of online entertainment services in China, reported on Thursday its earnings for the second quarter that ended June 30, 2024.
The Nasdaq-listed company reported revenue of 7.4 billion yuan ($1.0 billion), down five percent compared to the year-earlier period. Membership services revenue, the largest contributor, was 4.5 billion yuan, down 9 percent year over year.
The streaming service raked in 1.5 billion yuan through online advertising services, grossed 698.2 million yuan via content distribution and brought in 783.9 million yuan through other revenues, the report said.
The company's non-GAAP income for the second quarter reached 501.4 million yuan, achieving a seven-percent margin. According to the report, the domestic media giant has achieved a positive operating cash flow for the ninth consecutive quarter.
The report also highlighted the company's solid overseas performance as its total revenues and membership revenue grew annually and sequentially, with a 30 percent annual rise in membership revenue from top Chinese-language dramas.
Notwithstanding fierce competition within the long-form video market in the second quarter, iQIYI contributed a slew of smashing hits.
Source: chinadaily.com.cn | Updated: 2024-08-23 14:23
