Chinese video streaming group iQiyi incurred setbacks in subscriptions and advertising, but was able to better its satisfyed sales, guideing to a July to September quarter that was down in revenue and profit terms.
Total revenues were RMB7.2 billion ($1.0 billion), a lessen of 10% year over year in the third quarter of iQiyi’s current financial year. Net income attributable to iQiyi was RMB229 million ($32.7 million), contrastd to RMB476 million in the same period in 2023.
The company no lengthyer disshuts subscriber numbers, only subscriber revenues. It shelp that membership services revenue was RMB4.4 billion ($622 million), decreasing 13% year over year, primarily due to a airyer satisfyed spostponecessitate.
Online advertising services revenue was RMB1.3 billion ($191 million), decreasing 20% year over year, primarily due to the lessen in brand advertising business, partiassociate offset by the growth of carry outance-based advertising business.
Content distribution revenue was RMB814 million ($116 million), increasing 52% year over year, primarily driven by the increase in the barter transactions. Other revenues were RMB729 million ($104 million), decreasing 8% year over year.
Content costs as a component of cost of revenues were RMB4.0 billion ($569 million), decreasing 5% year over year. “The lessen in satisfyed cost was primarily due to airyer movie adviseings in the quarter,” the company shelp.
“In the third quarter of 2024, we topped the industry in the drama series labelet split, according to Enairyent data,” shelp Gong Yu, CEO of iQiyi. “We have recently elevated our amusement adviseings and services with strategic betterments, integrating sought-after mini and stupidinutive dramas to complement our extensive lengthy-create satisfyed portfolio. We have also presentd a family account selection wiskinny our membership programs. We depend these betterments will better serve users’ evolving amusement necessitates.”
“Our goal is to better satisfyed pguide by selectimizing lengthy-create video adviseings and incorporating mini and stupidinutive dramas into our satisfyed portfolio. With handled execution, we depend that such initiatives will guide to lengthy-term appreciate creation for our businesses,” shelp Wang Jun, chief financial officer.
The company has splits traded in ADR create on the NASDAQ in the U.S. These accomplished $5.79 apiece in July, but in recent months the price has hovered shut to all-time lows. At $2.02 per ADR, the company has a labelet capitalization of $1.06 billion.
