On February 28, iQIYI released its financial report for the fourth quarter and full year of 2023, showing that the total annual revenue was about 31.9 billion yuan, a year-on-year increase of 10%; The net profit is about 1.9 billion yuan, and the net loss in 2022 is 136.2 billion yuan, non-GAAP net profit of about 2.8 billion yuan, a year-on-year increase of 121%. For the first time, it achieved four quarters of full profitability.
Among them, the revenue in the fourth quarter was about 7.7 billion yuan, a year-on-year increase of 1%; Net profit is about 466.2 billion yuan, a year-on-year increase of 53%, non-GAAP net profit of about 68.2 billion yuan, down 20% year-on-year.
Regarding the performance indicators achieved by iQIYI in 2023, Gong Yu, founder and CEO of iQIYI, said: "In 2023, iQIYI will achieve the best annual performance in history, with core indicators such as total revenue, operating profit, net profit and cash flow all reaching the best in history. The monthly average revenue per member (ARM) has increased quarter-on-quarter for five consecutive quarters. ”
From the perspective of specific business segments, in terms of membership services, iQIYI's membership service revenue in 2023 will be 20.3 billion yuan, a year-on-year increase of 15%, and the growth of membership service revenue is mainly due to the growth of ARM and the average number of daily subscribers, as well as the continuous optimization of operations to improve member experience and monetization capabilities. Among them, the membership service revenue in the fourth quarter was 4.8 billion yuan, a year-on-year increase of 1%; armup to 1598 yuan, an increase of 13% year-on-year and month-on-month.
In addition, in 2023, iQIYI's advertising business revenue will reach 6.2 billion yuan, a year-on-year increase of 17%. Among them, the revenue of advertising business in the fourth quarter was 1.7 billion yuan, a year-on-year increase of 6%. In 2023, content distribution and other revenues will be 2.5 billion yuan and 2.9 billion yuan, respectively, down 4% and 15% year-on-year, respectively. Among them, the fourth quarter content distribution revenue was 56.1 billion yuan, down 21% year-on-year; Other income was 741.2 billion yuan, a year-on-year increase of 13%.
In addition, in terms of cost, iQIYI's revenue cost in 2023 will be 23.1 billion yuan, a year-on-year increase of 4%. As an important part of the cost of revenue, the annual content cost was 16.2 billion yuan, a year-on-year decrease of 2%; The annual sales and administrative expenses were 4 billion yuan, a year-on-year increase of 16%; R&D expenditure was 1.8 billion yuan, down 7% year-on-year.
Edited by Yue Caizhou.
Proofread by Xue Jingning.