iQIYI Q1 Profit Jumps on Increased User Engagement
Q1 2025 revenue rose sequentially while non-GAAP operating income was up 13% sequentially.
iQIYI, Inc. (NASDAQ:IQ) reported first quarter 2025 earnings on May 21, 2025, reporting revenue of RMB 7.2 billion. Membership services revenue increased 7% sequentially. Unique user engagement rose significantly, especially across micro drama formats, while management highlighted ongoing improvements in cost control and capital structure.
Between December and April, micro drama user engagement surged, with the number of high-engagement users—those dedicating ≥80% of their time to the format—increased approximately threefold between December 2024 and April 2025, supported by a rise of over 300% in daily time spent on micro drama content between December and the first week of April.
Management cited over 15,000 available micro drama titles, about half of which are member-exclusive, and some top titles now exceed RMB 1 million in weekly revenue share, while average production costs per micro drama title typically remain under RMB 1 million.
