On November 22, iQiyi (NASDAQ:IQ) released its unaudited third quarter financial report as of September 30. According to the financial report, iQiyi's total revenue in the third quarter was RMB 7.5 billion. As of September 30, the number of members reached 106 million, an increase of more than 10 million from June 30; the average daily subscription number of members in the quarter was 101 million, and the net increase of by 2.7 million compared with . Operating profit based on non-GAAP in the quarter was RMB 524 million, a 53% increase from RMB 344 million in the second quarter, and has achieved operating profit for three consecutive quarters. iQiyi founder and CEO O Gong Yu said that through efforts in the first three quarters of this year, iQiyi has completed a landmark reversal, and its business performance far exceeded the target set at the beginning of the year.
"This quarter, iQiyi's popular content produced by the company drove a significant growth in the number of members in the quarter, further consolidated our market leadership, and achieved double growth in operating profit and market share ." Gong Yu said, " believes that the company has the ability to continue to create value and bring returns to investors who firmly believe in the prospects of long video ."
"Our financial performance has improved significantly, non-GAAP operating profit has grown for four consecutive quarters, and at the same time, operating cash flow was positive for two consecutive quarters." iQiyi CFO Wang Jun said, "Our determination to grow the business healthy remains unchanged."
In the third quarter, iQiyi's total revenue reached 7.5 billion yuan. Among them, member service income was 4.2 billion yuan; the monthly average single membership income (ARM) was 13.90 yuan, and increased by 2% year-on-year. online advertising service revenue was 1.2 billion yuan. iQiyi content issuance revenue was RMB 730 million in the quarter, an increase of 16% year-on-year. Other revenue was 1.3 billion yuan, a year-on-year increase of 27%.
In the third quarter, iQiyi's revenue cost was 5.7 billion yuan, a year-on-year decrease of 19% . As an important part of revenue costs, spent 4.3 billion yuan in the quarter, an increase of 12% month-on-month and a decrease of 18% year-on-year. The year-on-year decrease is mainly due to the optimization of content strategy and the improvement of operational efficiency.
financial report shows that under the non-GAAP standard, iQiyi achieved operating profit of 524 million yuan in the third quarter, with an operating profit margin of 7%; the operating loss in the same period last year was 1.1 billion yuan, with an operating loss rate of 14%; a 53% increase from 344 million yuan in the second quarter.
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