Phoenix New Media (FENG) Tops Q2 EPS by 7c

Phoenix New Media (NYSE: FENG) reported Q2 EPS of $0.11, $0.07 better than the analyst estimate of $0.04. Revenue for the quarter came in at $54.8 million versus the consensus estimate of $54.92 million.

Mr. Shuang Liu, CEO of Phoenix New Media commented, "We made significant progress on product innovation and content enrichment in the second quarter of 2018. We further enhanced our content production capabilities focusing on providing users with premium, original, unbiased, and exclusive content in the forms of news reports, live broadcasts, as well as documentaries and talk shows in video series format based on our original creation.

In addition, we have maximized users' satisfaction while optimizing our algorithms to effectively screen our content library to ensure full compliance with emerging regulations. Going forward, we will continue to leverage the credibility, authenticity and influence of our premium content and our brand to further fortify our leadership in the media industry in China."

Ms. Betty Ho, CFO of Phoenix New Media, further stated, "We are delighted to deliver solid financial results in the second quarter of 2018. The advertising revenue generated from our FENG app has increased by 43.2% year-over-year in the second quarter of 2018 under the old accounting standard. In order to diversify our content, we are looking for new investment opportunities in lifestyle related verticals, such as travel, health and fashion, to expand our user base and improve retention rate. Looking ahead, we will remain committed to investing in content and product innovations to strengthen our competitive edge while focusing on improving our profitability and maintaining our growth momentum."

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

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