iQIYI, Inc. reported total revenues of RMB6.61 billion (US$906.0 million) for the fourth quarter of 2024, a 14% decrease year over year. Membership services revenue declined by 15% year over year to RMB4.10 billion (US$562.1 million), primarily due to a lighter content slate. Online advertising services revenue also decreased by 13% year over year to RMB1.43 billion (US$196.4 million).
The company recorded a net loss attributable to iQIYI of RMB189.4 million (US$25.9 million) for Q4 2024, compared to a net income of RMB466.2 million in the same period of 2023. Diluted net loss per ADS was RMB0.20 (US$0.03). Non-GAAP net loss attributable to iQIYI was RMB58.8 million (US$8.1 million).
For the full fiscal year 2024, total revenues were RMB29.23 billion (US$4.00 billion), an 8% decrease from 2023. Net income attributable to iQIYI for the full year was RMB764.1 million (US$104.7 million), a 60% decrease from 2023. Diluted net income per ADS for 2024 was RMB0.79 (US$0.11).
Despite the financial declines, CEO Yu Gong noted a strong rebound in business performance since late November 2024, reinforcing iQIYI's number one position in total drama market share in Q4 2024. The company also expanded its mini-drama portfolio to over ten thousand titles and enhanced its ad-placement system to monetize growing mini-drama traffic. Operating cash flow for Q4 was RMB519.0 million (US$71.1 million), and free cash flow was RMB498.1 million (US$68.2 million).
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