iQiyi reported revenue of 7.5 billion yuan ($1.1 billion), up 7% year over year. The company continues to spend heavily on content to fortify its position in the streaming wars, so its bottom line was pressured. iQiyi reported a net loss of 2.5 billion yuan ($358 million), which was an improvement from the loss of 3.5 billion yuan in the prior-year quarter. This resulted in diluted loss per share of 3.43 yuan ($0.49), also improved from a per-share loss of 4.83 yuan in the year-ago quarter.