Phoenix New Media (NYSE: FENG) reported Q3 EPS of ($0.03), $0.07 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $47.86 million versus the consensus estimate of $54.51 million.

"This is a very difficult quarter for us with the slowdown of the macroeconomics and the 14-day suspension of ifeng News mobile application and WAP website as well as some channels on ifeng.com from September 26, 2018," Mr. Shuang Liu, CEO of Phoenix New Media commented, "However, we have reviewed and improved our internal operating procedures to ensure that we continue to produce top-tier, informative and regulatory compliant content. We have enhanced our content operations team, particularly in video, bolstering our capabilities to deliver outstanding original content. We will continue to execute our long-term strategy to diversify our growth drivers, pushing beyond our core business of news and current affairs into lifestyle-related verticals to help our users cultivate a healthy, happy and fulfilling lifestyle."

Ms. Betty Ho, CFO of Phoenix New Media, further stated, "Our total revenues experienced a 16.6% year-over-year decrease to RMB355.0 million under the old accounting standard, mainly due to market condition and the tightening of rules and regulations on advertisements for certain specific industries in addition to the impact of the suspension. However, we have implemented a series of initiatives to cultivate a sustainable growth by strengthening our content operations and diversifying our revenue streams, to prepare for the macroeconomic uncertainties in the following quarters."

For earnings history and earnings-related data on Phoenix New Media (FENG) click here.