Phoenix New Media (NYSE: FENG) reported Q1 EPS of ($0.13), $0.01 worse than the analyst estimate of ($0.12). Revenue for the quarter came in at $45.34 million versus the consensus estimate of $45.38 million.

"We are delighted to start the year 2018 with solid financial and operating performance, and pleased to see that our mobile advertising remained a strong growth driver in the first quarter,\" stated Mr. Shuang Liu, CEO of Phoenix New Media. \"Our strong media DNA and our mission to provide high-quality, professional and unbiased news content allows us to stay at the forefront of the media space in the long run. During the quarter, we further enhanced our artificial intelligence solutions by adding editorial recommendations. In doing so, we have not only improved the efficiency of our content distribution and the accuracy of our audience targeting, but also enriched with humanity and value into digital media, thus further differentiating ourselves from peers. We are also building out our content ecosystem that includes both original content and we-media content. Together with our premium brand equity and synergy among our diversified business segments, we believe we are well positioned to capitalize on the opportunities in China\'s rapidly growing socially responsible media industry."

Ms. Betty Ho, CFO of Phoenix New Media, further stated, "We are pleased to carry the strong growth of our mobile advertising revenues, which increased by 46.3% under the old accounting standard of ASC605, into the first quarter of 2018 despite of seasonality factors. Due to the adoption of the new accounting standard of ASC606 on January 1, 2018, our total revenues decreased by 3.4% year over year to RMB284.4 million in the first quarter of 2018. Excluding the impact of adoption of the new accounting standard, or under ASC605, our total revenues would have increased by 5.2% year over year to RMB309.9 million in the first quarter of 2018. Net advertising revenue increased by 10.5% year-over-year, driven by the strong growth in mobile advertising revenues at 46.3% year-over-year. In addition, our gross margin in the first quarter of 2018 increased to 54.9% under the new accounting standard of ASC606 (50.0% under ASC605), from 44.8% in the first quarter of 2017. Looking forward, we will continue to differentiate our products by enhancing our content offerings, while taking strict control over our cost and expense, in order to generate long-term return to our shareholders"

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