Chinese video streaming company iQiyi reported a 5% drop in revenue and an 80% drop in net profit in the second quarter.
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The company reported on Thursday that revenue for the April-June period came in at RMB7.45 billion ($1.04 billion at current exchange rates), down year-on-year and also down 6% from the first quarter.
Net profit was RMB68.7 million ($9.6 million), compared with RMB365 million ($51.1 million) in the same quarter last year and a profit of RMB655 million ($91.7 million) in the first quarter of January-March.
Last year was the first year that the company posted an annual net profit. This performance was achieved despite a decline in the number of subscribers (101 million at the end of December 2023), which was more than offset by an increase in average revenue per user.
