Chinese video streamer iQiyi unveiled a rare quarterly profit in the three months to March, amidst a mixed picture on revenue and subscriptions.
The company, which is listed on the NASDAQ stock exchange but is predominantly controlled by Chinese tech conglomerate Baidu, said in a filing that it had achieved net income attributable of RMB169 million ($26.7 million), compared to net loss attributable of RMB1.3 billion in the same period in 2021.
After more than a decade of annual losses, the company has recently discovered a need to become more efficient and focus on earnings rather than growth.
Revenues between January and March 2022 amounted to RMB7.3 billion ($1.1 billion) a decrease of 9% year-over-year. But the revenue portion that came from membership services was RMB4.5 billion ($705.4 million), increasing 4% year-over-year.
After a period of declining subscriber…
