iQIYI(US:IQ)2024-11-21 11:43Financial Performance - Total revenues for Q3 2024 were RMB 7.2 billion (US$1.0 billion), a decrease of 10% year over year[2] - Membership services revenue was RMB 4.4 billion (US$622.1 million), down 13% year over year, primarily due to a lighter content slate[7] - Online advertising services revenue decreased by 20% year over year to RMB 1.3 billion (US$190.5 million), mainly due to a decline in brand advertising[7] - Content distribution revenue increased by 52% year over year to RMB 814.0 million (US$116.0 million), driven by an increase in barter transactions[8] - Operating income was RMB 238.9 million (US$34.0 million), a 68% decrease year over year, with an operating income margin of 3%[11] - Non-GAAP net income attributable to iQIYI was RMB 479.8 million (US$68.4 million), a decrease of 23% year over year[14] - Diluted net income attributable to iQIYI per ADS was RMB 0.24 (US$0.03), compared to RMB 0.49 in the same period of 2023[14] - Operating cash flow was RMB 242.5 million (US$34.6 million), down from RMB 830.7 million in the same period in 2023[15] Cash and Assets - As of September 30, 2024, the company had cash and cash equivalents totaling RMB 4.7 billion (US$673.8 million)[16] - Cash and cash equivalents decreased to RMB 3,241,336 as of September 30, 2024, down from RMB 4,434,525 at the end of December 2023[34] - Total assets as of September 30, 2024, were RMB 44,830,040, compared to RMB 44,594,374 at the end of December 2023[34] - Total liabilities decreased to RMB 31,551,380 as of September 30, 2024, from RMB 32,409,459 at the end of December 2023[34] Quarterly Comparison - Total revenues for the three months ended September 30, 2024, were RMB 8,015,079, an increase from RMB 7,438,785 in the previous quarter[32] - Membership services revenue reached RMB 5,011,617, while online advertising services revenue was RMB 1,674,260 for the same period[32] - Operating income for the three months ended September 30, 2024, was RMB 746,747, compared to RMB 342,093 in the previous quarter[32] - Net income attributable to iQIYI, Inc. for the three months ended September 30, 2024, was RMB 475,920, significantly up from RMB 68,685 in the previous quarter[32] - Free cash flow for the three months ended September 30, 2024, was RMB 234,817, a decrease from RMB 382,453 in the previous quarter[36] - Non-GAAP net income attributable to iQIYI, Inc. for the three months ended September 30, 2024, was RMB 479,787, compared to RMB 246,914 in the previous quarter[39] Future Plans - iQIYI plans to enhance content appeal by optimizing long-form video offerings and incorporating mini and short dramas into its content portfolio[3]