iQiyi’s revenue falls 5% in the second quarter
Online video company iQiyi Inc. (IQ.US) on Tuesday reported its revenue fell 5% year-on-year to 6.29 billion yuan ($933 million) in the second quarter, as it moved ahead with its ongoing transformation toward operating a decentralized social media ecosystem.
The company, controlled by search giant Baidu, also reported a net loss of 288 million yuan in the second quarter, widening from a loss of 134 million yuan a year earlier. It also swung to the red on a non-GAAP basis, reporting a non-GAPP loss of 210 million yuan in the latest period compared with a profit of 14.7 million yuan in the second quarter of 2025.
Revenue from the company’s membership and online advertising services, its two biggest income sources, both fell 2% year-on-year. That was partly offset by a 56% gain for its content distribution revenue, which reached 682 million yuan for the quarter.
iQiyi shares fell 7.5% on Tuesday after the report’s release. The stock is down about 37% this year.
By Doug Young
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