China-based video streaming company iQiyi recorded a 5% decrease in revenue in the second quarter and an 80% plunge in net profits.

The firm said Thursday that revenues in the April to June period came in at RMB7.45 billion ($1.04 billion at current rates of exchange), down year-on-year and also 6% lower than the first quarter.

Net profit was RMB68.7 million ($9.6 million). That compared with RMB365 million ($51.1 million) in the equivalent quarter last year and with a RMB655 million ($91.7 million) profit in the January-March first quarter.

Last year was the first ever that the company achieved annual net profits, a feat that it achieved on declining subscriber numbers (101 million at the end of December 2023) that was more than offset by increased average revenues per user.

Since the beginning of this year, iQiyi ceased disclosing either member numbers or Arpu. The regulatory filing said only that membership services revenue was RMB4.5 billion ($630 million), decreasing 9% year-on-year...