TapTechNews May 16th news, iQIYI today released its first quarter financial report for the year 2024 ending on March 31: total revenue was 79 billion yuan, a 5% year-on-year decrease. In terms of profit, in the first quarter, iQIYI's Non-GAAP operating profit was 11 billion yuan, a 5% year-on-year increase, reaching a record high, with an operating profit margin of 14%. By comparison, the operating profit in the first quarter of 2023 was 10 billion yuan, with an operating profit margin of 12%. Among them, membership service revenue was 48 billion yuan, and the Average Revenue Per Member (ARPU) reached a new high, with a consecutive growth for 6 quarters. Online advertising service revenue was 15 billion yuan, a 6% year-on-year increase; content distribution revenue was 9.28 billion yuan, a 27% year-on-year increase. In the first quarter, iQIYI's total cost was 56 billion yuan, a 5% year-on-year decrease. As a major component of costs, content costs were 40 billion yuan, a 5% year-on-year decrease. iQIYI founder and CEO Gong Yu said: 'Thanks to the steady improvement in operational efficiency, our operating profit and operating profit margin have reached record highs. The application of generative AI to operations is beginning to show results, and we look forward to using generative AI to enhance the supply capacity of top-tier content and expand future growth opportunities.'