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Mar 31, 2025
iQIYI Q1 2025 Earnings Report
iQIYI reported a profitable first quarter with sequential growth in revenue and operating income.
Key Takeaways
iQIYI delivered a solid Q1 2025 with a net income of $25.1 million and revenues nearing $1 billion, driven by strong performance in micro and long-form dramas.
Revenue reached $990,300,000 despite a 9% year-over-year decline.
Net income was $25,100,000, showing a return to profitability compared to a loss in Q4 2024.
Free cash flow stood at $42,400,000 for the quarter.
Membership and advertising revenues both declined year-over-year, impacted by a lighter content slate and weaker brand ads.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management expressed optimism for sustained sequential improvements in operations and financial flexibility.
Positive Outlook
- Sequential growth in revenue and operating income.
- Strong engagement in micro dramas.
- Long-form content retained market leadership.
- Lower net interest expenses over six consecutive quarters.
- Improved capital structure supports long-term strategy.
Challenges Ahead
- Year-over-year revenue decline of 9%.
- Significant drop in advertising and content distribution revenues.
- Reduced operating and net margins compared to last year.
- Content costs, though reduced, still represent a large expense.
- Membership revenues affected by a lighter content slate.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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