Chinese Streamer iQiyi Hails ‘Iconic Turnaround’ as Losses Reduce in Third Quarter

Gong Yu, the chairman and CEO of Chinese streaming firm iQiyi, hailed an “iconic turnaround” as he presented quarterly financial results covering the period between July and the end of September. He said that business performance had “far exceeded our targets at the beginning of the year.” The company, which is a separately-listed subsidiary of tech giant Baidu, reported revenues of RMB7.47 billion ($1.04 billion at current rates of exchange) and net losses of RMB395 million ($56 million) for the third quarter. It achieved (pre-tax) operating profits of RMB309 million in the quarter, compared with losses of RMB1.37 billion in… Read Full Article