IQiyi's revenue in the first quarter was 8.3 billion yuan, a year-on-year increase of 15%, and its net profit was 618 million yuan

On May 16th, iQiyi (NASDAQ: IQ) released its unaudited first quarter financial report as of March 31, 2023. According to the financial report, iQiyi's total revenue in the first quarter was 8

On May 16th, iQiyi (NASDAQ: IQ) released its unaudited first quarter financial report as of March 31, 2023. According to the financial report, iQiyi's total revenue in the first quarter was 8.3 billion yuan, and its revenue from membership services was 5.5 billion yuan. The average daily subscription membership in the first quarter reached 129 million, a net increase of over 17 million compared to the previous quarter.

We achieved a 'good start' in the first quarter. We have once again verified iQiyi's strong ability to create original content, driving financial performance and market share to new heights, with a net increase of over 17 million daily subscription members per quarter. "Gong Yu, founder and CEO of iQiyi, said," This indicates that iQiyi's high-quality growth strategy has been effective

IQiyi set a new record in the first quarter, with both total revenue and member service revenue achieving their best performance in history. Our operating profit has grown for six consecutive quarters, and our operating cash flow has also increased for four consecutive quarters, "said iQiyi's Chief Financial Officer, Wang Jun.

In the first quarter of 2023, iQiyi's total revenue was 8.3 billion yuan, a year-on-year increase of 15%. Among them, the revenue from membership services was 5.5 billion yuan, a year-on-year increase of 24%. Online advertising revenue reached 1.4 billion yuan, a year-on-year increase of 5%. In this quarter, content distribution and other revenue achieved revenue of 727 million yuan and 670 million yuan, respectively.

In terms of user numbers, the average daily subscription membership size of iQiyi in the first quarter increased from 101 million in the same period last year to 129 million. As of March 31, the number of iQiyi subscribed members was 120 million, compared to 101 million on the same day last year. In the current season, iQiyi's monthly average single member income (ARM) was 14.35 yuan, an increase compared to the previous month.

In terms of cost, iQiyi's revenue cost in the first quarter was 6 billion yuan, of which content cost was 4.2 billion yuan, a year-on-year decrease of 5%. The sales and management expenses and research and development expenses for the quarter were 1.1 billion yuan and 428 million yuan, respectively.

In terms of operating profit, iQiyi's operating profit for the first quarter was 859 million yuan, with an operating profit margin of 10%. The non GAAP operating profit for the quarter was 1 billion yuan, with a non GAAP operating profit margin of 12%. Compared to the same period last year, the non GAAP operating profit was 327 million yuan, with a non GAAP operating profit margin of 4%.

The net profit attributable to iQiyi for the quarter was 618 million yuan, compared to 169 million yuan in the same period last year. The net profit attributable to iQiyi by Non GAAP was 940 million yuan, and the net profit attributable to iQiyi by Non GAAP in the same period of 2022 was 162 million yuan.