iQIYI's Q1 earnings report highlights innovation, growth

iQIYI, a leading provider of online entertainment video services in China, announced on Thursday its unaudited financial results for the first quarter ended March 31, 2024.

The company reported revenue of 7.9 billion yuan ($1.1 billion) and operating income of 944.8 million yuan with its operating income margin surging to 12 percent, marking a 10 percent annual increase.

The latest report also shows iQIYI recorded a positive operating cash flow for eight consecutive quarters.

“Our operating profits and corresponding margins reached historical highs, thanks to our quality execution and increased operating efficiency,” commented Gong Yu, founder and CEO of iQIYI.

“The initial integration of generative AI into our operations is already yielding promising results. We are eager to harness the power of this innovative technology to improve our capacity for delivering top-tier content and to expand our growth possibilities,” he said.