iQiyi reports 57% increase in revenue

Chinese on-demand video streaming platform iQiyi (爱奇艺) has reported a 57% year-on-year increase in revenue in its first financial report since its IPO.

The unaudited results show the company’s first-quarter revenue was RMB 4.9 billion ($777.6 million). Its report also noted that iQiyi’s net loss dropped to RMB 395.7 million ($63.1 million) from RMB 1.1 billion ($173.6 million) during the same period in 2017.

Membership services and advertising drove the company’s revenue. iQiyi attributed this to the release of original content and numerous initiatives during the Chinese New Year.

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom