Phoenix New Media grows revenues, swings to loss – Phoenix New Media Limited (NYSE:FENG)


Phoenix New Media (NYSE:FENG) says it grew revenues in Q2 earnings despite a “challenging” macro environment.

Total revenue rose to 395.1M yuan, up 8.6% from last year and up 38.7% from the first quarter.

Revenues for paid services rose 51.1% to 70.3M yuan. Net advertising revenues rose 2.3% to 324.8M yuan.

Gross profit fell to 210.1M yuan from 229.6M; gross margin dropped to 53.2% from 63.1%.

The company swung to an operating loss of 74.8M yuan (about $10.9M) from a year-ago income of 32.8M yuan. And it swung to a net loss of 70.1M yuan from income of 49.2M (non-GAAP net loss of 66.4M yuan vs. income of 53.1M).

Liquidity was at 1.69B yuan (about $245.8M).

For Q3, it’s guiding to revenue of 373.4M-393.4M yuan, with net advertising revenues of 312M-327M yuan and paid services revenues of 61.4M-66.4M yuan.

Conference call to come at 9 p.m. ET.

Press release

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