Chinese video streaming platform iQiYi reported quarterly revenue of RMB 6.7 billion ($993.8 billion) for the second quarter of 2022, a 13% decrease compared to the same period last year but slightly higher than Yahoo Finance analysts’ average expectations. The company’s quarterly results, released on Tuesday, saw it post a positive net income for the second consecutive quarter, primarily due to its reduction in costs and expenses. Costs decreased 24% year-on-year, with “selling, general and administrative” and “research and development” expenses declining by nearly 30%. iQiYi said its online advertising services revenue was affected by China’s challenging macro environment and Covid-19 lockdowns, seeing a 35% decline compared to the previous year. Membership services revenue was up 7% to RMB 4.3 billion for the April to June period, however, making it the only business sector in the company to see growth during the second quarter. This figure came despite iQiYi seeing its subscription base fell below 100 million to 98.3 million after its average daily number of subscribers hit 100.8 million in the first quarter of 2022. [iQiYi, press release]