iQIYI, Inc. (NASDAQ:IQ) Q2 2024 Earnings Conference Call August 22, 2024 7:00 AM ET

Company Participants

Chang You - IR
Yu Gong - Founder, Director and CEO
Jun Wang - CFO
Xiaohui Wang - Chief Content Officer
Wenfeng Liu - Chief Technology Officer
Xianghua Yang - Senior Vice President of movies and overseas business
San Ha Yang - Senior VP

Conference Call Participants

Xueqing Zhang - CICC
Lincoln Kong - Goldman Sachs
Maggie Ye - CLSA
Thomas Chong - Jefferies

Operator

Thank you for standing by, and welcome to the iQIYI Second Quarter 2024 Earnings Conference Call. All participants are in a listen-only mode. There will be a presentation followed by question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to Ms. Chang You, IR Director of the company. Please go ahead.

Chang You

Thank you, Operator. Hello, everyone, and thank you for joining iQIYI’s second quarter 2024 earnings conference call. The company’s results were released earlier today and 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. Youqiao Duan, Senior Vice President of our Membership business and Mr. Xianghua Yang, Senior Vice President of movies and overseas 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, the management team will participate 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 not are limited to, those outlined in our public filings with the SEC. iQIYI does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

I will now pass the floor to Mr. Gong. Please go ahead.

Yu Gong

Hello everyone. Thank you for joining us today. In the second quarter, we saw intense competition for top content. Well, with our sales of diversified premium content. Certain titles did not met our high expectations, putting pressure on our financial results. After a good deal of hard work, we have overcome the short term fluctuation in our content slate performance.