Iqiyi (IQ) has released an update.
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iQIYI reported a 10% decline in total revenues for Q3 2024, amounting to RMB7.2 billion, as the company experienced decreased membership and advertising revenues. Despite the drop in net income by 52% year over year, iQIYI is focusing on enhancing its content portfolio with mini and short dramas to attract more users. The company’s strategic enhancements in entertainment offerings aim at long-term value creation amid current financial challenges.
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