Q2 2024 Phoenix New Media Ltd Earnings Call Transcript
Key Points
- Phoenix New Media Ltd (FENG) significantly reduced losses in the second quarter of 2024.
- The company enhanced its media influence through high-quality content and extensive online distribution.
- Phoenix Lab's original video service achieved a total of 1.7 billion views across platforms, with one video hitting over 1 million views on Bilibili.
- The company's Douyin account is approaching the 20 million follower milestone, contributing to double-digit growth in advertising revenue from third-party platforms.
- Phoenix New Media Ltd (FENG) maintained positive momentum in the commercial sector, expanding efforts in the public sector and achieving year-on-year growth.
- Total revenues decreased to RMB168.3 million from RMB180.2 million in the same period of last year.
- Net advertising revenues fell to RMB154.7 million from RMB161.8 million in the same period of last year.
- Paid services revenues dropped to RMB13.6 million from RMB18.4 million in the same period of last year.
- The overall Internet media spending experienced a year-over-year decline, impacting the company's advertising revenue.
- The automotive sector, traditionally a strong area for the company, saw a significant drop in ad spending.
Good day and thank you for standing by. Welcome to Phoenix New Media second-quarter 2024 earnings call. (Operator Instructions)
Please be advised that today's conference is being recorded. I will now hand the conference over to your first speaker today, Muzi Guo from IR Department. Please go ahead.
Thank you, operator. Welcome to Phoenix New Media's earnings conference call for the second quarter of 2024. Joining me here today are our CEO, Mr. Yusheng Sun; and our CFO, Mr. Edward Lu.
During this call, our management team will start with an overview of our quarterly results, followed by a Q&A session. You can find the quarterly results as well as the webcast of this conference call on our website at ir.ifeng.com.
Before the management's prepared remarks, I would like to draw your attention to our Safe Harbor statement contained in our earnings press release, which also pertains to our forward-looking statements during this call. Additionally, please note that unless otherwise specified, all figures mentioned throughout this
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