爱奇艺：Short-term headwind continues

26 Aug 2024 CMB International Global Markets | Equity Research | Company Update iQIYI (IQ US) Short-term headwind continues iQiyi announced 2Q24 results: total revenue decreased by 5% YoY to RMB7.4bn, in line with our/consensus estimate; non-GAAP operating income was down by 36% YoY to RMB501mn (in line with our/consensus estimate), due to the intense competition in the long-form video sector. For 3Q24E, we expect membership and ads revenue growth will remain under pressure, and it will take time for the im ...