China’s iQiyi, a streaming service majority-owned by Baidu and listed on the Nasdaq, reported its first quarterly profit, $26.7M in Q1, after cutting spending

China’s iQiyi, a streaming service majority-owned by Baidu and listed on the Nasdaq, reported its first quarterly profit, $26.7M in Q1, after cutting spending  —  The Nasdaq-listed company, majority-owned by search giant Baidu, made a profit of 169.1 million yuan (US$26.7 million) …