iQIYI's revenue in the second quarter of 2024 was 7.4 billion yuan, with adjusted net profit of 2.469 billion yuan

iQIYI's financial report for the second quarter of 2024 shows a revenue of 7.4 billion RMB, a 5% year-on-year decrease; the net profit attributable to iQIYI is 68.7 million RMB, an 81% year-on-year decrease. Excluding US GAAP, the net profit is 2.469 billion RMB, a 58% year-on-year decrease; operating profit is 3.421 billion RMB, a 44% year-on-year decrease. Both membership services and online advertising services saw a decline in revenue, while content distribution revenue remained stable. Overall revenue costs decreased by 2%, with sales and administrative expenses down by 1%, and research and development expenses increased by 2%

On August 22, iQIYI released its financial report for the second quarter of 2024, ending on June 30. The total revenue was 7.4 billion yuan, a 5% year-on-year decrease. The net profit attributable to iQIYI was 68.7 million yuan, compared to 365.2 million yuan in the same period of 2023. Non-GAAP net profit attributable to iQIYI was 2.469 billion yuan, compared to 5.947 billion yuan in the same period of 2023.

Second Quarter Performance:

Total revenue was 7.4 billion yuan (approximately 1 billion USD), a 5% year-on-year decrease.
Membership services revenue was 4.5 billion yuan (approximately 618.6 million USD), a 9% year-on-year decrease.
Online advertising services revenue was 1.5 billion yuan (approximately 201.1 million USD), a 2% year-on-year decrease.
Content distribution revenue was 698.2 million yuan (approximately 96.1 million USD), a 2% year-on-year increase.
Other revenue was 783.9 million yuan (approximately 107.9 million USD), a 16% year-on-year increase.
Revenue cost was 5.7 billion yuan (approximately 781.4 million USD), a 2% year-on-year decrease.
Sales, general, and administrative expenses were 969.7 million yuan (approximately 133.4 million USD), a 1% year-on-year decrease.
Research and development expenses were 448.7 million yuan (approximately 61.7 million USD), a 2% year-on-year increase.
Operating profit was 342.1 million yuan (approximately 47.1 million USD), a 44% year-on-year decrease. The operating profit margin was 5%, compared to 8% in the same period last year.
Non-GAAP operating profit was 501.4 million yuan (approximately 69 million USD), a 36% year-on-year decrease. The non-GAAP operating profit margin was 7%, compared to 10% in 2023.
Total other expenses were 240.4 million yuan (approximately 33.1 million USD), a 2% year-on-year increase.
Pre-tax profit was 101.7 million yuan (approximately 14 million USD), compared to 375.8 million yuan in the same period of 2023.
Income tax expenses were 25.7 million yuan (approximately 3.5 million USD), compared to 7.9 million yuan in the same period of 2023.
Net profit attributable to iQIYI was 68.7 million yuan (approximately 9.5 million USD), an 81% year-on-year decrease. Diluted earnings per American Depositary Share (ADS) were 0.07 yuan (approximately 0.01 USD), compared to 0.37 yuan in the same period of 2023.
Non-GAAP net profit attributable to iQIYI was 2.469 billion yuan (approximately 340 million USD), a 58% year-on-year decrease. Diluted earnings per American Depositary Share (ADS) were 0.25 yuan (approximately 0.03 USD), compared to 0.61 yuan in the same period of 2023 Operating cash flow was 410.8 million yuan (approximately USD 565 million), while the operating cash flow for the same period in 2023 was 885.6 million yuan. Free cash flow was 382.5 million yuan (approximately USD 526 million), while the free cash flow for the same period in 2023 was 872.3 million yuan.

As of June 30, 2024, iQIYI's total cash, cash equivalents, restricted cash, short-term investments, and long-term restricted cash amounted to 8.6 billion yuan (approximately USD 1.2 billion)