iQIYI Registers Flat Revenue Growth In Q4; Targets Non-GAAP Operating Break-Even For FY22

iQIYI Inc IQ reported fourth-quarter FY21 revenue of $1.2 billion, flat year-on-year, beating the consensus of $1.15 billion.
Segments: Membership services revenue grew 7% Y/Y at $646.6 million, Online advertising services revenue declined 10% Y/Y to $261.2 million, Content distribution revenue dipped 5% Y/Y to $119.5 million, and Other revenues decreased 12% Y/Y to $132.1 million.
Margin: The non-GAAP operating loss margin improved to (7)% from (13)% a year ago.
Loss per ADS of $(0.20) beat the consensus loss of $(0.32).
It held $694.1 million in cash and equivalents.
"We would like our shareholders to recognize that iQIYI is leading the opening of a new chapter in the Chinese long-form video industry," commented Mr. Yu Gong, Founder, Director, and CEO.
"Our goal is to reach non-GAAP operating break-even for the full year of 2022 and to reach quarterly non-GAAP operating break-even as early as possible, while maintaining our competitive advantage as the industry leader. I am delighted to see that we are moving in the right direction."
Price Action: IQ shares traded higher by 4.11% at $4.31 in the premarket session on the last check Tuesday.

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