Phoenix TV (02008.HK) announced on November 13th that Phoenix New Media's total revenue for the third quarter of 2024 was RMB 0.1643 billion (approximately USD 23.4 million), a 7.0% increase from RMB 0.1536 billion in the same period of 2023, mainly due to the year-on-year growth of advertising revenue. The net advertising revenue for the third quarter of 2024 was RMB 0.1484 billion (approximately USD 21.1 million), a 10.5% increase from RMB 0.1343 billion in the same period of 2023.
In the third quarter of 2024, Phoenix New Media's gross profit increased by 18.9% from RMB 52.4 million in the same period of 2023 to RMB 62.3 million (approximately USD 8.9 million). The gross margin for the third quarter of 2024 was 37.9%, compared to 34.1% in the same period of 2023. The net loss attributable to Phoenix New Media in the third quarter of 2024 was RMB 18.5 million (approximately USD 2.6 million), while the net loss attributable in the same period of 2023 was RMB 21.5 million.
Mr. Sun Yusheng, CEO of Phoenix New Media, stated: 'In the third quarter, we continue to uphold quality content dissemination, enhance our media influence through exclusive reports and original content. At the same time, by expanding marketing resources and optimizing customer portfolio, we continuously enhance our commercial capabilities. Looking ahead, we will continue to encourage synergy and innovation between content and marketing, continuously optimize management and operational efficiency, and ensure the healthy and sustainable development of our business.'
