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Chinese video streaming service iQIYI posts revenue growth in Q2
 
Date:2019-08-21  Source:Xinhua
 China's leading online entertainment platform iQIYI reported a 15 percent growth in second-quarter revenue amid a strong rise in subscriber numbers.

The company generated a revenue of about 7.1 billion yuan (about 1 billion U.S. dollars) in the second quarter, according to the company's unaudited financial results released Tuesday.

The number of iQIYI's total subscribing members reached 100.5 million, an increase of 50 percent from the same period last year, the results showed.

Revenue from membership services in this period rose 38 percent year on year to reach 3.4 billion yuan, accounting for 48 percent of the total revenue.

Gong Yu, founder and chief executive officer of the company, said the number of subscription members exceeded 100 million, which is a milestone for the company.

Wang Xiaodong, the company's chief financial officer, said although there are some challenges in the industry, the company still saw revenue growth.

Wang attributed the revenue growth to the high-quality content that the platform provided for its subscribing members.

iQIYI also reported a net loss of 2.3 billion yuan from April to June, compared with 2.1 billion yuan in the same period last year. 

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