According to Zhitong Finance App News, Phoenix TV (02008) announced the results of its subsidiary Phoenix New Media Co., Ltd. for the first quarter of 2024, with total revenue of 153 million yuan (RMB, same unit), up 4.5% year on year; gross profit increased 55.5% year over year to 44 million yuan; net loss attributable to Phoenix New Media was 26 million yuan, while net loss attributable to Phoenix New Media for the same period in 2023 was 57.8 million yuan. The net interest rate for the first quarter of 2024 was negative 17%, compared to negative 39.5% for the same period in 2023. The net loss per basic and diluted common share for the first quarter of 2024 was $0.05, while the net loss per basic and diluted common share for the same period in 2023 was 0.1 yuan.

The company expects total revenue of 150.2 million yuan to 165.2 million yuan in the second quarter of 2024. Net advertising revenue is expected to be 141.9 million yuan to 151.9 million yuan. Revenue from paid services is expected to be 8.3 million yuan to 13.3 million yuan.

According to reports, the increase in revenue was mainly due to the year-on-year increase in net advertising revenue. Net advertising revenue was 138.6 million yuan, up 9.8% year over year. Paid service revenue for the first quarter of 2024 was 14.4 million yuan, a year-on-year decrease of 28.7%. Revenue from paid services includes revenue from paid content as well as revenue from e-commerce and others. Paid content revenue for the first quarter of 2024 was 6.4 million yuan, a year-on-year decrease of 28.9%. The decline was mainly due to a decline in copyright content licensing revenue. E-commerce and other revenue for the first quarter of 2024 was 8 million yuan, a year-on-year decrease of 28.6%.

Mr. Sun Yusheng, CEO of Phoenix New Media, said, “In the first quarter of 2024, we will continue to enrich our supply of high-quality content, enhance our media influence, and strengthen the commercialization of content. Our team overcame many challenges and achieved our performance goals. Looking ahead, we are confident that we will continue to improve operational and commercialization efficiency to meet our business goals for the next few quarters.”