The following is a summary of the Phoenix New Media Limited (FENG) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Total revenues reached RMB 168.3 million, decreasing from RMB 180.2 million in the previous year.

• Net advertising revenues stood at RMB 154.7 million compared to RMB 161.8 million year-over-year.

• Paid services revenues were RMB 13.6 million, down from RMB 18.4 million in the same period last year.

• Gross margin improved from 31% to 38.9% due to a 17.2% decrease in cost of revenues.

• The company reported a reduced net loss of RMB 5.5 million, improving from a net loss of RMB 31.3 million year-over-year.

Business Progress:

• Enhanced media influence through high-quality content and extensive online distribution.

• Produced original video series and articles with wide reach and substantial follower growth on social media platforms.

• Expanded commercial efforts to include local industry bureaus and associations, extending to county levels.

• Executed successful international marketing campaigns.

Opportunities:

• The company has developed several key accounts on different platforms with rapidly growing follower base and commercial value, indicating potential for increased advertising revenue.

• Successful international marketing efforts such as campaigns during Paris Olympics show promise for future growth.

Risks:

• The overall internet media advertisement spending has decreased, particularly noticed in the traditional strength area of automotive sector which has seen further drops in ad spending.

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