iQIYI Announces Third Quarter 2024 Financial Results By Investing.com

BEIJING, Nov. 21, 2024 (GLOBE NEWSWIRE) — iQIYI, Inc. (Nasdaq: IQ) (“iQIYI” or the “Company”), a leading provider of online entertainment video services in China, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Highlights

• Total (EPA:) revenues were RMB7.2 billion (US$1.0 billion¹), decreasing 10% year over year.
• Operating income was RMB238.9 million (US$34.0 million) and operating income margin was 3%, compared to operating income of RMB746.7 million and operating income margin of 9% in the same period in 2023.
• Non-GAAP operating income² was RMB368.6 million (US$52.5 million) and non-GAAP operating income margin was 5%, compared to non-GAAP operating income of RMB894.9 million and non-GAAP operating income margin of 11% in the same period in 2023.
• Net income attributable to iQIYI was RMB229.4 million (US$32.7 million), compared to net income attributable to iQIYI of RMB475.9 million in the same period in 2023.
• Non-GAAP net income attributable to iQIYI² was RMB479.8 million (US$68.4 million), compared to non-GAAP net income attributable to iQIYI of RMB622.1 million in the same period in 2023.

In the third quarter of 2024, we topped the industry in the drama series market share, according to Enlightent data, commented Mr. Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. We have recently elevated our entertainment offerings and services with strategic enhancements, integrating sought-after mini and short dramas to complement our extensive long-form content portfolio. We have also introduced a family account option within our membership programs. We believe these improvements will better serve users’ evolving entertainment needs.

Our goal is to enhance content appeal by optimizing long-form video offerings and incorporating mini and short dramas into our content portfolio. With disciplined execution, we believe that such initiatives will lead to long-term value creation for our businesses, commented Mr. Jun Wang, Chief Financial Officer of iQIYI.