Baidu-backed video-streaming platform iQiyi posted its first quarterly profit. Photo: Shutterstock
Baidu-backed video-streaming platform iQiyi posted its first quarterly profit. Photo: Shutterstock

China’s streaming giant iQiyi reports rare quarterly profit after deep job cuts

  • The Nasdaq-listed company, majority-owned by search giant Baidu, made a profit of 169.1 million yuan (US$26.7 million) in the first quarter
  • The quarterly profit, the first after a decade of losses, was in part thanks to stringent cost controls over content and a focus on premium content

Baidu-backed video-streaming platform iQiyi posted its first quarterly profit. Photo: Shutterstock
Baidu-backed video-streaming platform iQiyi posted its first quarterly profit. Photo: Shutterstock
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