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Profits Crumble by 80% at iQiyi, Chinese Video Streamer, in Second Quarter
Profits crumbled by more than 80% in the April-June quarter at iQiyi a leading Chinese video streamer.
China-based video streaming company iQiyi recorded a 5% decrease in revenue in the second quarter and an 80% plunge in net profits. “We believe the vibrant competition within the long-form video sector in the second quarter is constructive for the industry, enhancing its appeal over other entertainment formats,” said Gong Yu, founder, director and CEO of iQiyi. “The key to long-term success hinges on consistently delivering premium content that balances artistic merits and commercial benefits, to which we remain committed.”
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