iQIYI posts Q1 loss as revenue falls, repurchases notes

iQIYI’s Q1 update shows pressure on both operations and capital structure at the same time: revenue fell and the company returned to a net loss, while also buying back part of its 2028 convertible notes. For streaming investors, that combination matters because it ties day-to-day performance to financing actions rather than growth alone. The only concrete items here are the revenue decline, the net loss, and the note repurchase, so the next useful signal is the company’s full Q1 filing or earnings release with the exact revenue figure, loss size, and the amount of notes repurchased.