The following is a summary of the Phoenix New Media Limited (FENG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Phoenix New Media reported Q1 2024 total revenues of RMB153 million, an increase of 4.5% from last year.

• Net advertising revenues were RMB138.6 million, a rise of 9.8% from last year.

• Paid services revenue decreased to RMB14.4 million from RMB20.2 million last year.

• Gross margin increased to 28.8% from 19.3% due to cost control measures.

• Net loss shrunk to RMB26 million from a net loss of RMB57.8 million in the same period of the last year.

Business Progress:

• Phoenix New Media showcased resilience amidst macro uncertainties.

• The company expanded influence through successful content monetization and collaboration with local authorities in cultural and tourism sectors.

• Increased followers on news platforms stemmed from captivating content.

• Organizational restructuring improved market penetration and operational efficiency.

• A strategic alignment of content with industry needs resulted in a year-on-year increase in net advertising revenue by 10%.

More details: Phoenix New Media IR

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