iQIYI Announces Fourth Quarter and Fiscal Year 2018 Financial Results
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“We delivered another quarter of solid growth and closed out the year on a strong footing with over 87 million total subscribing members,” commented Dr. Yu Gong, Founder, Director and Chief Executive Officer of iQIYI. “As we enter 2019, we are confident in generating growth across the board, led by membership services which has demonstrated continued momentum. We maintain our strategic focus on producing original premium content, and will continue to advance our technology innovation and nurture our ecosystem to fully leverage the tremendous IP value in our content. With an exciting new year ahead, we look forward to further strengthening our platform and continuing our journey to become a technology-based entertainment giant. ”
“We are pleased to report strong top-line growth for fiscal year 2018 with total revenues increasing 52% year-over-year to RMB25 billion,” commented Mr. Xiaodong Wang, Chief Financial Officer of iQIYI. “Membership business continued to be the main engine driving our growth, while we further broadened and diversified other revenue streams. 2018 was also a transition year for us, as we devoted more resources towards producing original content which added pressure to our margins. We believe our investment in premium content will prove to be very rewarding and help better position the Company for long-term growth.” |
