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iQiyi trims Q4 loss on paid users
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Online video giant iQiyi yesterday announced a smaller loss in the fourth quarter year on year thanks to more paid users.
Nasdaq-listed iQiyi lost 1.5 billion yuan (US$237 million) in the fourth quarter, compared with a 2.5-billion yuan loss a year ago. Revenue was 7.5 billion yuan, down 1 percent YoY.
In 2020, the company’s revenue reached 29.7 billion yuan, 2 percent higher from a year ago. By the end of 2020, iQiyi had almost 102 million paid subscribers.
Net dramas and exclusive programs helped the company keep its leading market position.
Internet movies and virtual reality programs are expected to become iQiyi’s new growth engine, said Gong Yu, iQiyi’s chief executive officer.
In the first quarter of 2021, iQiyi expects revenue to be a high as 7.53 billion yuan.
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