GLONGHUI May 14 | Phoenix New Media (FENG.US) announced the unaudited financial report for the first quarter of 2024 ending March 31, 2024. Total revenue for the first quarter of 2024 was RMB 153 billion (approximately US$21.2 million), up 4.5% from RMB 146.4 million in the same period in 2023. The increase was mainly due to the year-on-year increase in net advertising revenue. Net advertising revenue for the first quarter of 2024 was RMB 138.6 million (approximately US$19.2 million), up 9.8% from RMB 126.2 million in the same period in 2023. Paid service revenue for the first quarter of 2024 was RMB 14.4 million (approximately US$2 million), down 28.7% from RMB 20.2 million in the same period in 2023.

The net loss attributable to Phoenix News Media for the first quarter of 2024 was RMB 26 million (approximately US$3.6 million), while the net loss attributable to Phoenix News Media for the same period in 2023 was RMB 57.8 million. The net interest rate for the first quarter of 2024 was negative 17.0%, 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 RMB 0.05 (approximately US$0.01), while the net loss per basic and diluted common share for the same period in 2023 was RMB 0.10.

Total revenue for the second quarter of 2024 is estimated to be RMB150.2 million to RMB165.2 million. Net advertising revenue is expected to be RMB 141.9 million to RMB 151.9 million. Revenue from paid services is expected to be RMB 8.3 million to RMB 13.3 million.

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.”