Chinese online video platform iQiyi suffered a slight revenue decline in the fourth quarter of 2020, as subscribers fell.
In the three months through December, Baidu-backed iQiyi’s total revenue decreased 1% year-on-year to 7.5 billion yuan ($1.1 billion), about half of which came from sales of membership services, which also dipped 1% from a year ago, according to the company’s latest earnings report.
The company’s net loss narrowed to 1.5 billion yuan from 2.5 billion yuan in the same period of 2019, the report said.
Its subscribers fell by 5.2 million to 101.7 million by the end of December, when compared with the end of the final quarter of 2019, according to the report.
iQiyi said that it expects current-quarter revenue to be between 7.07 billion yuan and 7.53 billion yuan, representing a year-on-year decrease of between 8% and 2%.
Contact reporter Ding Yi (email@example.com)