Chinese video streamer iQiyi cut its losses in 2021 to RMB6.2 billion ($968 million), compared to RMB7.0 billion in 2020 and said that recent cost cutting measures were quickly bearing fruit. But i…
cut its losses in 2021 to RMB6.2 billion , compared to RMB7.0 billion in 2020 and said that recent cost cutting measures were quickly bearing fruit. But its latest regulatory filing also revealed that subscriber numbers continue to fall on both a quarterly and annual basis.
By the company’s preferred measure, non-GAAP attributable losses, iQIYi’s annual incremental deficit was RMB4.5 billion, compared to a non-GAAP net loss attributable to iQiyi of RMB5.4 billion in 2020. In the quarter that coincided with its cost cutting measures – believed to have involved cutting 20% of its workforce and scaling back content commissioning – the company also lost some 7.7 million paying subscribers.
“We would like our shareholders to recognize that iQiyi is leading the opening of a new chapter in the Chinese long-form video industry. Starting from the fourth quarter of 2021, we launched a series of initiatives to optimize our cost and improve our organizational alignment. The results have been very encouraging.
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