How did IQIYI's revenue and expenses shift in Q4 2024 compared to previous quarters?

**Baidu's subsidiary, IQIYI, experienced a decrease in revenue and expenses in Q4 2024 compared to the previous quarter.**

1. **Revenue Shift**:
- In Q4 2024, IQIYI's revenue decreased by 10% year-over-year to $1.03 billion.
- This decline in revenue was observed despite an increase in non-online marketing revenue, which was driven by the AI Cloud business.
2. **Expense Shift**:
- IQIYI's expenses also decreased, with SG&A expenses declining by 12% year-over-year to $765 million.
- R&D expenses decreased by 8% year-over-year to $810 million.
3. **Comparing to Previous Quarters**:
- The revenue and expense decreases in Q4 2024 can be compared to the previous quarter's figures, which are not available. However, it is clear that there is a decline in both revenue and expenses from the immediate previous period.
- For instance, in Q3 2024, IQIYI's revenue was $1.18 billion, which is higher than the $1.03 billion reported in Q4 2024.
- Similarly, the SG&A expenses in Q3 2024 were $836 million, which is less than the $765 million in Q4 2024.
- The R&D expenses in Q3 2024 were $765 million, which is slightly higher than the $810 million in Q4 2024.
4. **Implications**:
- The decrease in revenue and expenses suggests a period of cost management and potential strategic adjustments within IQIYI.
- It is important to note that while the revenue and expenses decreased, the company's adjusted EBITDA margin remained at 26%, indicating a stable profitability despite the challenges.

In conclusion, IQIYI's revenue and expenses in Q4 2024 showed a decrease compared to the immediate previous quarter, reflecting a period of strategic adjustment and cost management for the company.