Morning Post | iQIYI achieves a single-quarter profit for the first time / Tencent News responds to online rumors / Musk is accused of manipulating the market and is sued by Twitter shareholders

Love Faner Morning Report Read

  • iQIYI achieves first quarterly profit
  • Tencent News responds to online rumors
  • Musk sued by Twitter shareholder class action lawsuit
  • LEGO unveils Ferrari Daytona SP3 supercar model
  • Vacheron Constantin and the Louvre launch a joint limited edition watch
  • ZARA launches eco-friendly capsule collection
  • Meituan: Beijing merchants can turn employees into store riders
  • Sony Responds to Unreasonable Pricing of Membership Upgrades
  • Alibaba's fourth-quarter revenue exceeds 200 billion
  • The epidemic has greatly increased the demand for decompression toys
  • Fashion magazine Elle moves into hospitality
  • Bubble Mart gets a collective complaint
  • Mars launches Snickers-flavored dessert sauce

iQIYI achieves first quarterly profit

Yesterday, iQIYI released its unaudited first-quarter earnings report for the quarter ended March 31, 2022.

According to the financial report, iQiyi’s revenue in the first quarter was 7.277 billion yuan, a year-on-year decrease of 9%; the net profit attributable to iQiyi was 169.1 million yuan, compared with a net loss of 1.3 billion yuan in the same period last year.

Not in accordance with US GAAP, the net profit attributable to iQiyi was 162 million yuan, compared with a net loss of 1 billion yuan in the same period last year, achieving a quarterly profit for the first time.

From the perspective of revenue composition, Q1 membership services accounted for more than half of the revenue, reaching 4.5 billion yuan, a year-on-year increase of 4%. The average daily number of subscribers was 101.4 million, a net increase of 4.4 million compared with the fourth quarter of last year, mainly due to the promotion of word-of-mouth video content such as "The World", "Sin Hunting Guide" and "Annual Comedy Contest".

iQIYI, founded in 2010, has been losing money for more than 10 years. (First Finance and Economics)

Tencent News responds to online rumors

Recently, screenshots circulated on the Internet saying that "Tencent News is gone in an instant".

In response, the person in charge of Tencent News responded yesterday: "Tencent News business is operating normally. Tencent News will adhere to the positioning of high-quality information content, and the recent adjustment of management cadres is also to better promote business development. Tencent News related content uploaded on the picture. It's malicious rumors." (The Paper)

Musk sued by Twitter shareholder class action lawsuit

Twitter shareholders are suing the company and potential acquirer Elon Musk as the latter two are still dealing with a chaotic ongoing acquisition process, which has sent Twitter's stock price wildly volatile.

Twitter shares have fallen more than 12% since Musk's bid.

Twitter shareholders allege that Musk violated California corporate law on multiple fronts and thereby engaged in market manipulation.

Shareholders say Musk has benefited financially by delaying disclosure of his Twitter holdings and by temporarily withholding his plans to become a member of the company's board in early April.

The indictment alleges that Musk snapped up Twitter shares by learning insider information on Twitter through private conversations with board members and executives, including Musk’s friend and former Twitter CEO Jack Dorsey, as well as Silver Lake co-CEO, Twitter Special Board Member Egon Durban. Egon Durban's firm had invested in Tesla prior to its acquisition of SolarCity. (Sina)

LEGO unveils Ferrari Daytona SP3 supercar model

The Daytona SP3 is the third limited edition supercar in the Ferrari Icona series. Recently, LEGO launched a 1:8 replica of this supercar.

This model retains the design details of the lift-up door, the steering wheel of the linkage steering system, and the variable suspension. You can also see the cylinder operation process of the V12 engine. Each set of models comes with an exclusive serial number to unlock exclusive online content.

The LEGO Technic Ferrari Daytona SP3 #42143 set includes 3778 parts for $399.99 and will be available worldwide on June 1st. (cool-style)

Vacheron Constantin and the Louvre launch a joint limited edition watch

Vacheron Constantin has created an artistic watch series based on the four cultural relics in the Louvre Museum to pay tribute to ancient civilization.

The dial reproduces four works of "Sphinx", "Goddess of Victory", "Bust of Augustus" and "Darius Lion" with the characteristic craftsmanship of different periods. The back of the movement is carved with columns on the east facade of the Louvre, showing the majesty of the Louvre.

The Métiers dArt Maestro watch was officially released on May 24, with a limited edition of 5 pieces each. (SocialBeta)

ZARA launches eco-friendly capsule collection

Recently, INDITEX, the parent company of ZARA, signed up for the environmentally friendly fiber fabric produced by Infinited Fiber, and combined the material to create a new clothing series, which will be available globally on Zara.com on May 12.

Made from post-consumer recycled textile materials, this fabric has a similar feel and look to pure cotton and can be recycled multiple times. (ladymax)

Meituan Takeaway: Beijing merchants can apply to turn employees into store riders

On May 26, Meituan announced the recruitment of “shared employees” for Beijing Meituan food delivery merchants to help merchants place employees, expand income channels, and support supply guarantees during the dine-in suspension period.

Merchants can apply to register their employees as resident Meituan riders. The registered riders will give priority to delivery of takeaway orders from the store where they are located, and all proceeds from the delivery service will be owned by the riders.

At present, Meituan has promoted the "shared employee" cooperation with the first batch of merchants in Fangshan District, Beijing.

Sony Responds to Unreasonable Pricing of Membership Upgrades

Recently, in Sony's new PlayStation Plus service, users who previously purchased PS Plus subscriptions at discounted prices will be charged higher fees, which has made the membership upgrade service controversial.

Sony responded by saying that it was a "technical error" that caused users to be reimbursed for previously accumulated discounted fees. At present, the bug has been fixed, and Sony will refund users who have paid extra.

The revamped PlayStation Plus service will roll out in Japan, Europe and North America in June. (IT House)

Alibaba's fourth-quarter revenue exceeds 200 billion

Yesterday, Alibaba announced its 2022 fourth-quarter financial report and full-year results, and the overall performance exceeded market expectations.

Q4 revenue was 204.05 billion yuan, an increase of 8.9% year-on-year, and an estimated 200.59 billion yuan; adjusted net profit was 19.80 billion yuan, a year-on-year decrease of 24%.

In terms of different businesses, the Chinese commercial business achieved revenue of 140.33 billion yuan, a year-on-year increase of 8%; the international commercial business achieved revenue of 14.33 billion yuan, a year-on-year increase of 7%; the local life service business revenue was 10.45 billion yuan, a year-on-year increase of 29%;

Cainiao’s revenue was 11.58 billion yuan, a year-on-year increase of 16%; cloud computing business revenue was 18.97 billion yuan, a year-on-year increase of 12%; digital media and entertainment business revenue was 8.01 billion yuan, a year-on-year decrease of 1%; innovation and other businesses achieved revenue of 3.8% 100 million yuan, down 35% year-on-year. (Wall Street News)

The epidemic has greatly increased the demand for decompression toys

Recently, the demand for home life under the epidemic has driven the sales of recreational toys, and decompression toys have become the new favorite in the toy market. According to data from the Tmall New Life Research Institute, in 2022, the overall growth rate of decompression toys on Taobao and Tmall will be close to 40%.

Slimes, fidget spinners, magnetic mud, screaming chickens, etc. are all common decompression toys. Most of them have interesting shapes and simple gameplay. The price positioning is generally low, allowing consumers to focus on the playing experience.

In addition, videos related to decompression toys such as toy unboxing, tape ball cutting, and slime sleep aids also have a lot of creations on platforms such as bilibili.

The World Health Organization said on March 10 this year that the global prevalence of anxiety and depression increased by 25% in the first year of the new crown pneumonia epidemic. The impact of the epidemic and the uncertainty of the overall economic environment have attracted more and more attention to decompression toys, decompression games, and decompression videos. (Bright Company)

Fashion magazine Elle moves into hospitality

Elle's parent company, the French Lagardère Group, has announced plans to open the Maison Elle boutique hotel in Paris this fall in partnership with Studio V.

Located near the Arc de Triomphe in the 17th arrondissement of Paris, the hotel has approximately 25 rooms and suites, as well as a spa. Elle also plans to open another hotel in the Mexican state of Jalisco in 2023 in partnership with real estate developer Actur.

Following the launch of lipstick, fragrance, furniture, wine and fashion brands, Elle is trying to further expand its territory to compensate for the decline in advertising revenue. (WWD & Fashion Business Daily)

Bubble Mart was collectively complained: customers were disqualified from purchasing after winning the lottery in the live broadcast room

Recently, a number of consumers filed a collective complaint on Sina’s Black Cat Complaint Platform, claiming that they had been disqualified from purchasing in the Bubble Mart live room lottery event.

According to the complaint information of the black cat, the live sweepstakes is the 520th anniversary of Bubble Mart DIMOO. After a number of consumers scraped prizes in the live broadcast room to qualify for purchase, they failed to place orders within a limited time due to the system being stuck for many times and failing to pay.

Bubble Mart said on the same day that it would verify the purchase qualifications before further processing, but many consumers said that Bubble Mart refused to compensate for the purchase right afterwards.

Bubble Mart officials have not yet responded to this. At present, there are nearly 50 related complaints on the Black Cat Complaint Platform, some of which have been processed. (BiaNews)

Mars launches Snickers-flavored dessert sauce

Mars Group recently launched its latest innovation based on Snickers – Snickers Dessert Sauce. The product is a mix of roasted peanut, nougat, caramel and milk chocolate flavors from Snickers.

The new dessert sauce will join the company's existing Mars and Bounty dessert sauces.

"If you're looking to add a little different flavor to your ice cream, pancakes or waffles, this dessert sauce is the perfect addition to your summer snack," says Mars.

The Snickers Dessert Sauce will be available at Tesco by the end of the month, with a suggested retail price of £1.99 (about $16.88) per jar. (foodtalks)

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