IQIYI Q2 Earnings, Revenue Slip

(RTTNews) - iQIYI, Inc. (IQ), a Chinese provider of online entertainment video services, on Thursday posted a decline in earnings for the second-quarter, amidst decreased revenue.

For the three-month period to June 30, the company posted a net income of RMB68.7 million or RMB 0.01 per share, compared with RMB365.2 million or RMB0.05 per share, recorded for the same period of previous year.

Earnings per ADS slipped to RMB0.07 from last year's RMB0.37 per ADS. Excluding items, income was at RMB246.914 million or RMB0.25 per ADS, lower than RMB594.663 million or RMB0.61 per ADS a year ago.

Income from operations decreased to RMB342.093 million from RMB610.392 million in 2023.

Excluding items, operating earnings were at RMB501.417 million, versus last year's RMB786.391 million.

Revenue was RMB7.438 billion, down from RMB7.802 billion a year ago.

Membership services revenue was RMB4.495 billion, lesser than prior year's RMB4.946 billion, mainly due to fluctuation in the content slate performance.

Online advertising services revenue stood at RMB1.461 billion, compared with RMB1.495 billion, primarily due to the decrease in brand advertising business, partially offset by the growth of performance-based advertising business.