Summary by Moomoo AI
iQIYI reported total revenues of RMB7.4 billion in Q2 2024, down 5% YoY, with operating income of RMB342.1 million, representing a 44% YoY decrease. Membership services revenue declined 9% to RMB4.5 billion due to content performance fluctuations, while online advertising revenue fell 2% to RMB1.5 billion. Operating income margin decreased to 5% from 8% in Q2 2023.Net income attributable to iQIYI dropped 81% YoY to RMB68.7 million, with diluted earnings per ADS of RMB0.07. The company maintained stable cost management with a 2% decrease in content costs to RMB4.1 billion. Free cash flow reached RMB382.5 million, compared to RMB872.3 million in the same period last year.In August 2024, iQIYI completed a US$397.5 million repurchase of its convertible notes and entered into new facility agreements with PAG totaling US$522.5 million at 6% annual interest. The PAG arrangement includes provisions for releasing restricted cash collateral upon drawdown, maintaining the company's operational cash availability.
