Iqiyi (IQ) has released an update.
iQIYI, a leading Chinese online entertainment video service provider, reported a second-quarter revenue decline of 5% year-over-year to RMB 7.4 billion (US$1.0 billion), with a significant 81% drop in net income to RMB 68.7 million (US$9.5 million). Operating income also fell by 44% from the previous year, and both GAAP and non-GAAP income margins decreased. Despite these challenges, the company remains optimistic about the long-term prospects of the long-form video sector and is focused on delivering premium content.
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