iQIYI, a leading provider of online entertainment video services in China, announced on Wednesday its financial results for the fourth quarter and fiscal year ending on December 31, 2023.

Unaudited financial results show that the Nasdaq-listed company's total revenues in 2023 were 31.9 billion yuan ($4.5 billion), up 10 percent from 2022. Its net income reached 1.9 billion yuan, marking a huge increase as the company reported 136.2 million yuan in net loss in 2022.

The company's fourth-quarter revenue reached 7.7 billion yuan, up one percent year over year. It raked in 466.2 million yuan in net income, up 53 percent year over year.

"Building on the momentum of an iconic turnaround in 2022, 2023 stood as our best-performing year in corporate history. Key financial metrics, including total revenues, operating and net income, and cash flows, all hit historical highs. In addition, ARM (average revenue per membership) grew for five consecutive quarters, which reflected the high attractiveness of our content and the growing value of our membership service," said Gong Yu, founder and chief executive officer of iQIYI, during his earnings call speech.

"I am enthusiastic to witness our business resilience and operational excellence," he added.

2023 saw the company's membership services revenue exceed 20 billion yuan, up 15 percent year over year and remaining the largest revenue contributor, and the rapid growth driven by the increases of both ARM and subscriber base, according to the CEO.

The fourth quarter contributed 4.8 billion yuan in membership services revenue and ARM hit a record high, reaching 15.98 yuan, up 13 percent annually and three percent sequentially. The video-streaming giant reported 101.1 million paying users as of December 31, 2023.