iQIYI, Inc. (IQ) Q1 2023 Earnings Call Transcript

iQIYI, Inc. (NASDAQ:IQ) Q1 2023 Earnings Conference Call May 16, 2023 7:00 AM ET

Company Participants

Chang You - Director of Investor Relations

Yu Gong - Founder, Director & Chief Executive Officer

Jun Wang - Chief Financial Officer

Xiaohui Wang - Chief Content Officer

Wenfeng Liu - Chief Technology Officer

Youqiao Duan - Senior Vice President, Membership Business

Conference Call Participants

Xueqing Zhang - CICC

Lincoln Kong - Goldman Sachs

Daniel Chen - JPMorgan

Alicia Yap - Citigroup

Operator

Thank you for standing by and welcome to the iQIYI First Quarter 2023 Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to Chang You. Please go ahead.

Chang You

Thank you, operator. Hello, everyone and thank you for joining iQIYI first quarter 2023 earnings conference call. The Company's results were released earlier today and are available on the Company's Investor Relations website at ir.iqiyi.com. On the call today are Mr. Yu Gong, our Founder, Director and CEO; Mr. Jun Wang, our CFO; Mr. Xiaohui Wang, our CCO Chief Content Officer; Mr. Wenfeng Liu, our CTO Chief Technology Officer; and Mr. Youqiao Duan, Senior Vice President of our membership business. Mr. Gong will give a brief overview of the Company's’ business operations and highlights, followed by Jun, who will go through the financials. After the prepared remarks, Xiaohui, Wenfeng and Youqiao will join Mr. Gong and Jun in the Q&A session.

Before we proceed, please note that the discussion today will contain forward-looking statements, made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include but are not limited to, those outlined in our public filings with the SEC. iQIYI does not undertake any obligation to update any forward-looking statement except as required under applicable law.

With that, I will now turn the call over to Mr. Gong. Please go ahead.

Yu Gong

Hello everyone. We started 2023 with an exceptionally strong first quarter, entering a new chapter of high-quality growth. Our content flywheel once again demonstrated its power. The exceptional iQIYI originals drove financial performance and market share reaching new highs. To be specific: iQIYI maintained its dominant leading position in dramas, reaching new high in market share. Our long-standing original content strategy bore fruit once again. The Knockout became the best-performing drama in our history.