On August 14, Gelonghui reported that phoenix TV (02008.HK) released a statement stating that phoenix new media has released its unaudited financial report for the second quarter of 2024. The total revenue in the second quarter of 2024 was RMB 0.1683 billion (approximately 23.2 million US dollars), a decrease of 6.6% compared with RMB 0.1802 billion in the same period of 2023. The main reason for the decline was the year-on-year decline in advertising revenue and paid service revenue. In the second quarter of 2024, net advertising revenue was RMB 0.1547 billion (approximately 21.3 million US dollars), a decrease of 4.4% from RMB 0.1618 billion in the same period of 2023, mainly due to the reduction of advertising placement by some industries' advertisers and the intensification of industry competition. In the second quarter of 2024, paid service revenue was RMB 13.6 million (approximately 1.9 million US dollars), a decrease of 26.1% from RMB 18.4 million in the same period of 2023.
In the second quarter of 2024, the gross profit increased by 17.0% from RMB 55.9 million in the same period of 2023 to RMB 65.4 million (approximately 9 million US dollars). The gross profit margin in the second quarter of 2024 was 38.9%, while it was 31.0% in the same period of 2023. The net loss attributable to phoenix new media in the second quarter of 2024 was RMB 5.5 million (approximately 0.8 million US dollars), while the net loss attributable to phoenix new media in the same period of 2023 was RMB 31.3 million.
Mr. Sun Yusheng, CEO of Phoenix New Media, said: "In the second quarter of 2024, we are committed to becoming a first-class new Chinese media, continuously strengthening the team's professional capabilities, doing a good job in content, polishing products, optimizing user experience. At the same time, we will continue to explore potential breakthrough points for business monetization, continuously develop new forms of sellable products, attract new customers, and explore incremental advertising space. We will focus on further improving operational efficiency and monetization capabilities to consolidate and enhance the company's position."
