BEIJING, Aug. 16, 2021
/PRNewswire/ -- Phoenix New Media Limited (NYSE: FENG) ("Phoenix
New Media", "ifeng" or the "Company"), a leading new media company
in China, today announced its
unaudited financial results for the second quarter ended
June 30, 2021.
Mr. Shuang Liu, CEO of Phoenix
New Media, commented, "While certain segments of the advertising
market continued to experience downward pressure and industry-wide
intensified competition, we have decided to bolster our competitive
differentiation by constructing our content ecosystem. During the
second quarter of 2021, we refined our professional content
production capabilities to provide our audience with a steady flow
of original, timely, and premium content. In addition, we upgraded
the user interface and AI algorithms of our iFeng app to deliver
more personalized and engaging content offerings to our users.
Above all, we continued to diversify our revenue streams and
revitalize our growth engines by exploring new business
initiatives. Going forward, by leveraging our quality content
portfolio, efficient distribution networks and cultivation of
potential business opportunities, we will strive to adapt to the
changing market dynamic and launch a renewed growth cycle to
generate lasting shareholder value."
Mr. Edward Lu, CFO of Phoenix New
Media, further stated, "During the second quarter of 2021, we
embraced industry challenges and strategically increased our
investment in our content ecosystem to strengthen our long-term
competitive differentiation. Meanwhile, we continued to manage our
expenses prudently and monitor the ROI in every area of our
business closely. Looking ahead, we plan to continue exploring new
monetization venues, enhancing our operating efficiency, and
fueling the growth of our new initiatives and brand advertising
business. This will help us to diversify our overall revenue mix
and accelerate our return to profitability."
Second Quarter 2021 Financial Results
As disclosed in the second quarter 2020 unaudited financial
results announcement made on August 17,
2020, the Company sold all of its investment in Beijing
Yitian Xindong Network Technology Co., Ltd. ("Yitian Xindong" or
"Tadu") in the second quarter of 2020 and the disposal of Tadu was
qualified for reporting as a "discontinued operation" in the
Company's financial statements. Accordingly, Tadu's results of
operations had been excluded from the Company's results from
continuing operations in the condensed consolidated statements of
comprehensive income/(loss) and were presented in separate line
items as discontinued operations for all prior periods. The
financial information and non-GAAP financial information disclosed
in this press release is presented on a continuing operations
basis, unless otherwise specifically stated.
REVENUES
Total revenues in the second quarter of 2021 decreased by 17.8%
to RMB256.7 million (US$39.8 million) from RMB312.3 million in the same period of 2020,
primarily due to the year-over-year decline in the Company's net
advertising revenues. Total revenues in the second quarter of 2021
increased by 13.5% from RMB226.1
million in the first quarter of 2021.
Net advertising revenues in the second quarter of 2021 decreased
by 18.6% to RMB233.0 million
(US$36.1 million) from RMB286.3 million in the same period of 2020,
mainly due to the reduction in advertising spending of advertisers
from certain industries and industry-wide intensified competition
in the second quarter of 2021.
Paid services revenues[1] in the second quarter
of 2021 decreased by 8.8% to RMB23.7
million (US$3.7 million) from
RMB26.0 million in the same period of
2020. Revenues from paid contents in the second quarter of 2021
decreased by 32.4% to RMB9.6 million
(US$1.5 million) from RMB14.2 million in the same period of 2020,
mainly due to the trend towards free online reading in the online
reading market. Revenues from E-commerce and others in the second
quarter of 2021 increased by 19.5% to RMB14.1 million (US$2.2
million) from RMB11.8 million
in the same period of 2020, which was mainly caused by the increase
in revenues from E-commerce business.
[1] Prior
to 2021, paid services revenues comprised of (i) revenues from
paid contents, which included digital reading, audio books, paid
videos, and other content-related sales activities,
(ii) revenues from games, which included web-based games and
mobile games, (iii) revenues from MVAS, and (iv) revenues from
others.
|
As revenues from
games and revenues from MVAS were small and had been declining for
the past years, to better reflect the Company's paid services
revenues disaggregated by products and services, beginning from
January 1, 2021, paid services revenues have been re-grouped and
comprise of (i) revenues from paid contents, which includes digital
reading, audio books, paid videos, and other content-related sales
activities, (ii) revenues from E-commerce and others, which mainly
includes revenues from E-commerce, MVAS, games and others. For
comparison purposes, the revenues from paid services for the
quarters of 2020 have been retrospectively
re-classified.
|
COST OF REVENUES
Cost of revenues in the second quarter of 2021 increased by 9.9%
to RMB137.0 million (US$21.2 million) from RMB124.7 million in the same period of 2020. The
increase in cost of revenues was mainly due to the following:
- Content and operational costs in the second quarter of 2021
increased by 10.2% to RMB118.4
million (US$18.3 million) from
RMB107.4 million in the same period
of 2020, mainly caused by the resumption of offline activities in
the second quarter of 2021 as compared to decreased operational
activities due to COVID-19 impact in the same period of 2020 in
China.
- Revenue sharing fees in the second quarter of 2021 increased by
78.3% to RMB4.1 million (US$0.6 million) from RMB2.3 million in the same period of 2020,
primarily attributable to the increase in revenue sharing fees paid
to channel partners.
The increase was partially offset by the following:
- Bandwidth costs in the second quarter of 2021 decreased by 3.3%
to RMB14.5 million (US$2.3 million) from RMB15.0 million in the same period of 2020.
GROSS PROFIT
Gross profit in the second quarter of 2021 decreased by 36.2% to
RMB119.7 million (US$18.6 million) from RMB187.6 million in the same period of 2020.
Gross margin in the second quarter of 2021 decreased to 46.6% from
60.1% in the same period of 2020.
To supplement the financial measures presented in accordance
with the United States Generally Accepted Accounting Principles
("GAAP"), the Company has presented certain non-GAAP financial
measures in this press release, which excluded the impact of
certain reconciling items as stated in the "Use of Non-GAAP
Financial Measures" section below. The related reconciliations to
GAAP financial measures are presented in the accompanying
"Reconciliations of Non-GAAP Results of Operation Measures to the
Nearest Comparable GAAP Measures."
Non-GAAP gross margin in the second quarter of 2021, excluding
share-based compensation, decreased to 47.0% from 60.3% in the same
period of 2020.
OPERATING EXPENSES AND LOSS FROM OPERATIONS
Total operating expenses in the second quarter of 2021 decreased
by 4.6% to RMB154.5 million
(US$23.9 million) from RMB162.0 million in the same period of 2020.
Share-based compensation included in operating expenses in the
second quarter of 2021 was RMB3.6
million (US$0.6 million),
compared to RMB1.4 million in the
same period of 2020, mainly caused by the granting of new
share-based awards in 2021.
Loss from operations in the second quarter of 2021 was
RMB34.8 million (US$5.4 million), compared to income from
operations of RMB25.6 million in the
same period of 2020. Operating margin in the second quarter of 2021
was negative 13.5%, compared to positive 8.2% in the same period of
2020.
Non-GAAP loss from operations in the second quarter of 2021,
which excluded share-based compensation, was RMB30.1 million (US$4.7
million), compared to non-GAAP income from operations of
RMB27.8 million in the same period of
2020. Non-GAAP operating margin in the second quarter of 2021,
excluding share-based compensation, was negative 11.7%, compared to
positive 8.9% in the same period of 2020.
OTHER INCOME OR LOSS
Other income or loss reflects net interest income, foreign
currency exchange gain or loss, income or loss from equity method
investments, net of impairment, changes in fair value of
loan related to co-sale of Particle shares,
changes in fair value of forward contract in relation to disposal
of investments in Particle and others, net[2]. Total net
other income in the second quarter of 2021 was RMB24.0 million (US$3.7
million), compared to total net other loss of RMB5.1 million in the same period of 2020.
- Net interest income in the second quarter of 2021 increased to
RMB12.5 million (US$1.9 million) from RMB4.9 million in the same period of 2020.
- Foreign currency exchange gain in the second quarter of 2021
was RMB6.9 million (US$1.1 million), compared to RMB0.1 million in the same period of 2020.
- Loss from equity method investments, net of impairment, in the
second quarter of 2021 was RMB0.3
million (US$0.05 million),
compared to nil in the same period of 2020.
- Changes in fair value of loan related to co-sale of Particle
shares in the second quarter of 2021 was nil, compared to a loss of
RMB20.0 million in the same period of
2020.
- Changes in fair value of forward contract in relation to
disposal of investments in Particle in the second quarter of 2021
was nil, compared to a gain of RMB1.3
million in the same period of 2020.
- Others, net, in the second quarter of 2021 decreased to
RMB4.9 million (US$0.8 million), from RMB8.6 million in the same period of 2020.
[2]
"Others, net" primarily consists of government subsidies and
litigation loss provisions.
|
NET LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO
PHOENIX NEW MEDIA
LIMITED
Net loss from continuing operations attributable to Phoenix New
Media Limited in the second quarter of 2021 was RMB7.1 million (US$1.1
million), compared to net income from continuing operations
attributable to Phoenix New Media Limited of RMB2.8 million in the same period of 2020. Net
margin from continuing operations in the second quarter of 2021 was
negative 2.8%, compared to positive 0.9% in the same period of
2020. Net loss from continuing operations per diluted ordinary
share in the second quarter of 2021 was RMB0.01 (US$0.00),
compared to a net income from continuing operations per diluted
ordinary share of RMB0.00 in the same
period of 2020.
Non-GAAP net loss from continuing operations attributable to
Phoenix New Media Limited, which excluded share-based compensation,
income or loss from equity method investments, net of impairment,
changes in fair value of loan related to co-sale of Particle shares
and changes in fair value of forward contract in relation to
disposal of investments in Particle as applicable, was RMB2.1 million (US$0.3
million) in the second quarter of 2021, compared to non-GAAP
net income from continuing operations attributable to Phoenix New
Media Limited of RMB23.7 million in
the same period of 2020. Non-GAAP net margin from continuing
operations in the second quarter of 2021 was negative 0.8%,
compared to positive 7.6% in the same period of 2020. Non-GAAP net
loss from continuing operations per diluted ADS[3] in
the second quarter of 2021 was RMB0.03 (US$0.00),
compared to non-GAAP net income from continuing operations per
diluted ADS of RMB0.33 in the same
period of 2020.
In the second quarter of 2021, the Company's weighted average
number of ADSs used in the computation of diluted net loss per ADS
was 72,790,541. As of June 30, 2021,
the Company had a total of 582,324,325 ordinary shares outstanding,
or the equivalent of 72,790,541 ADSs.
[3] "ADS"
means American Depositary Share of the Company. Each ADS represents
eight Class A ordinary shares of the Company.
|
CERTAIN BALANCE SHEET ITEMS
As of June 30, 2021, the Company's
cash and cash equivalents, term deposits and short term investments
and restricted cash were RMB1.61
billion (US$248.9
million).
Recent Regulatory Developments in China
There have been certain recent regulatory developments in
China regarding cybersecurity,
data protection and supervision of China-based, overseas listed companies. Among
others,
- The PRC Data Security Law was promulgated and will take effect
in September 2021, which imposes data
security and privacy protection obligations on any person carrying
out data activities, and provides for a national security review
procedure for data activities that may affect national security.
The Cyberspace Administration of China issued a revised draft of the Measures
for Cybersecurity Review in July 2021
for public comments, which would require any "data processor"
carrying out data processing activities that affect or may affect
national security to be subject to cybersecurity review. The
revised draft Measures for Cybersecurity Review have not been
adopted and it remains unclear whether the final version to be
adopted will include any changes.
- The General Office of the Communist Party of China Central
Committee and the General Office of the State Council jointly
promulgated the Opinions on Strictly Cracking Down on Illegal
Securities Activities in July 2021
which, among others, required relevant PRC governmental authorities
to improve laws and regulations on data security, cross-border data
transfer and management of classified information, especially as it
relates to confidentiality and file management of overseas
securities offering and listing. The Opinions also required
relevant PRC government authorities to enhance supervision of
China-based companies that are
listed overseas and accelerate the establishment of a regulatory
scheme for such companies.
These laws and regulations are new and some of them require
further actions of the relevant PRC government authorities. There
remain substantial uncertainties as to their implementation and
interpretation. The Company is closely monitoring these regulatory
developments and endeavor to fully comply with the laws and
regulations as they are adopted and implemented. The Company's
business involves the collection and processing of various types of
data. The Company conducts its business through subsidiaries and
affiliated consolidated entities in China, while American depositary shares
representing the Company's Class A ordinary shares are listed on
the New York Stock Exchange. As such, these regulatory developments
may have some impacts on the Company's business operation and
financial performance in the future, but the Company is not in a
position to assess the nature or extent of such impacts at this
stage.
Business Outlook
For the third quarter of 2021, the Company expects its total
revenues to be between RMB257.9
million and RMB282.9 million;
net advertising revenues are expected to be between RMB236.7 million and RMB256.7 million; and paid services revenues are
expected to be between RMB21.2
million and RMB26.2
million.
All of the above forecasts reflect the current and preliminary
view of the Company's management, which are subject to change and
substantial uncertainty, particularly in view of the potential
impact of the COVID-19 outbreak, the effects of which are difficult
to analyse and predict.
Conference Call Information
The Company will hold a conference call at 9:00 p.m. U.S.
Eastern Time on August 16, 2021
(August 17, 2021 at 9:00
a.m. Beijing/Hong Kong time)
to discuss its second quarter 2021 unaudited financial results and
operating performance.
To participate in the call, please register in advance of the
conference by navigating to
http://apac.directeventreg.com/registration/event/7091964. Upon
registering, you will be provided with participant dial-in numbers,
Direct Event passcode and unique registrant ID by email. Please
dial in 10 minutes prior to the call, using the participant dial-in
numbers, Direct Event Passcode and unique registrant ID which would
be provided upon registering. You will be automatically linked to
the live call after completion of this process.
A replay of the call will be available through August 25, 2021 by using the dial-in numbers and
conference ID below:
International:
|
|
+61 2 8199
0299
|
Mainland
China:
|
|
4006322162
|
Hong Kong:
|
|
+852
30512780
|
United
States:
|
|
+1 646 254
3697
|
Conference
ID:
|
|
7091964
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.ifeng.com.
Use of Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in
accordance with the United States Generally Accepted Accounting
Principles ("GAAP"), Phoenix New Media Limited uses non-GAAP gross
profit, non-GAAP gross margin, non-GAAP income or loss from
operations, non-GAAP operating margin, non-GAAP net income or loss
from continuing operations attributable to Phoenix New Media
Limited, non-GAAP net margin from continuing operations and
non-GAAP net income or loss from continuing operations per diluted
ADS, each of which is a non-GAAP financial measure. Non-GAAP gross
profit is gross profit excluding share-based compensation. Non-GAAP
gross margin is non-GAAP gross profit divided by total revenues.
Non-GAAP income or loss from operations is income or loss from
operations excluding share-based compensation. Non-GAAP operating
margin is non-GAAP income or loss from operations divided by total
revenues. Non-GAAP net income or loss from continuing operations
attributable to Phoenix New Media Limited is net income or loss
from continuing operations attributable to Phoenix New Media
Limited excluding share-based compensation, income or loss from
equity method investments, net of impairment, changes in fair value
of loan related to co-sale of Particle shares and changes in fair
value of forward contract in relation to disposal of investments in
Particle. Non-GAAP net margin from continuing operations is
non-GAAP net income or loss from continuing operations attributable
to Phoenix New Media Limited divided by total revenues. Non-GAAP
net income or loss from continuing operations per diluted ADS is
non-GAAP net income or loss from continuing operations attributable
to Phoenix New Media Limited divided by weighted average number of
diluted ADSs. The Company believes that separate analysis and
exclusion of the aforementioned non-GAAP to GAAP reconciling items
add clarity to the constituent parts of its performance. The
Company reviews these non-GAAP financial measures together with the
related GAAP financial measures to obtain a better understanding of
its operating performance. It uses these non-GAAP financial
measures for planning, forecasting and measuring results against
the forecast. The Company believes that using these non-GAAP
financial measures to evaluate its business allows both management
and investors to assess the Company's performance against its
competitors and ultimately monitor its capacity to generate returns
for investors. The Company also believes that these non-GAAP
financial measures are useful supplemental information for
investors and analysts to assess its operating performance without
the effect of items like share-based compensation, income or loss
from equity method investments, net of impairment, which have been
and will continue to be significant recurring items, and without
the effect of changes in fair value of loan related to co-sale of
Particle shares and changes in fair value of forward contract in
relation to disposal of investments in Particle, which have been
significant and one-time items. However, the use of these non-GAAP
financial measures has material limitations as an analytical tool.
One of the limitations of using these non-GAAP financial measures
is that they do not include all items that impact the Company's
gross profit, income or loss from operations and net income or loss
attributable to Phoenix New Media Limited for the period. In
addition, because these non-GAAP financial measures are not
calculated in the same manner by all companies, they may not be
comparable to other similarly titled measures used by other
companies. In light of the foregoing limitations, you should not
consider these non-GAAP financial measures in isolation from, or as
an alternative to, the financial measures prepared in accordance
with GAAP.
Exchange Rate
This announcement contains translations of certain RMB amounts
into U.S. dollars ("USD") at specified rates solely for the
convenience of the reader. Unless otherwise stated, all
translations from RMB to USD were made at the rate
of RMB6.4566 to US$1.00,
the noon buying rate in effect on June 30,
2021 in the H.10 statistical release of the Federal Reserve
Board. The Company makes no representation that the RMB or USD
amounts referred could be converted into USD or RMB, as the case
may be, at any particular rate or at all. For analytical
presentation, all percentages are calculated using the numbers
presented in the financial statements contained in this earnings
release.
About Phoenix New Media Limited
Phoenix New Media Limited (NYSE: FENG) is a leading new media
company providing premium content on an integrated Internet
platform, including PC and mobile, in China. Having originated from a leading global
Chinese language TV network based in Hong
Kong, Phoenix TV, the Company enables consumers to access
professional news and other quality information and share
user-generated content on the Internet through their PCs and mobile
devices. Phoenix New Media's platform includes its PC channel,
consisting of ifeng.com website, which comprises interest-based
verticals and interactive services; its mobile channel, consisting
of mobile news applications, mobile video application, digital
reading applications and mobile Internet website; and its
operations with the telecom operators that provides mobile
value-added services.
Safe Harbor Statement
This announcement contains forward−looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward−looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Phoenix New Media's strategic and
operational plans, contain forward−looking statements. Phoenix New
Media may also make written or oral forward−looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
("SEC") on Forms 20−F and 6−K, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Phoenix New Media's beliefs and expectations, are
forward−looking statements. Forward−looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward−looking statement, including but not limited to the
following: the Company's goals and strategies; the Company's future
business development, financial condition and results of
operations; the expected growth of online and mobile advertising,
online video and mobile paid services markets in China; the Company's reliance on online and
mobile advertising for a majority of its total revenues; the
Company's expectations regarding demand for and market acceptance
of its services; the Company's expectations regarding maintaining
and strengthening its relationships with advertisers, partners and
customers; the Company's investment plans and strategies;
fluctuations in the Company's quarterly operating results; the
Company's plans to enhance its user experience, infrastructure and
services offerings; competition in its industry in China; relevant government policies and
regulations relating to the Company; and the effects of the
COVID-19 on the economy in China
in general and on the Company's business in particular. Further
information regarding these and other risks is included in the
Company's filings with the SEC, including its registration
statement on Form F−1, as amended, and its annual reports on Form
20−F. All information provided in this press release and in the
attachments is as of the date of this press release, and Phoenix
New Media does not undertake any obligation to update any
forward−looking statement, except as required under applicable
law.
For investor and media inquiries please contact:
Phoenix New Media Limited
Qing Liu
Email: investorrelations@ifeng.com
ICR, Inc.
Robin Yang
Tel: +1 (646) 405-4883
Email: investorrelations@ifeng.com
Phoenix New Media
Limited
|
Condensed
Consolidated Balance Sheets
|
(Amounts in
thousands)
|
|
|
December
31,
|
|
June
30,
|
|
June
30,
|
|
2020*
|
|
2021
|
|
2021
|
|
RMB
|
|
RMB
|
|
US$
|
|
Audited
|
|
Unaudited
|
|
Unaudited
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
357,796
|
|
|
145,207
|
|
|
22,490
|
Term deposits and
short term investments
|
|
1,280,033
|
|
|
1,442,172
|
|
|
223,364
|
Restricted
cash
|
|
31,039
|
|
|
19,819
|
|
|
3,070
|
Accounts receivable,
net
|
|
675,616
|
|
|
546,307
|
|
|
84,612
|
Amounts due from
related parties
|
|
32,587
|
|
|
35,175
|
|
|
5,448
|
Prepayment and other
current assets
|
|
42,846
|
|
|
41,049
|
|
|
6,357
|
Total current
assets
|
|
2,419,917
|
|
|
2,229,729
|
|
|
345,341
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
62,649
|
|
|
44,211
|
|
|
6,847
|
Intangible assets,
net
|
|
12,396
|
|
|
12,991
|
|
|
2,012
|
Available-for-sale
debt investments
|
|
36,662
|
|
|
34,656
|
|
|
5,368
|
Equity investments,
net
|
|
94,821
|
|
|
108,394
|
|
|
16,788
|
Deferred tax
assets
|
|
86,867
|
|
|
94,444
|
|
|
14,628
|
Operating lease
right-of-use assets, net
|
|
49,487
|
|
|
34,261
|
|
|
5,306
|
Other non-current
assets
|
|
9,753
|
|
|
8,864
|
|
|
1,373
|
Total non-current
assets
|
|
352,635
|
|
|
337,821
|
|
|
52,322
|
Total
assets
|
|
2,772,552
|
|
|
2,567,550
|
|
|
397,663
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
221,203
|
|
|
182,331
|
|
|
28,239
|
Amounts due to related
parties
|
|
34,420
|
|
|
34,092
|
|
|
5,280
|
Advances from
customers
|
|
38,835
|
|
|
32,752
|
|
|
5,073
|
Taxes
payable
|
|
402,610
|
|
|
400,452
|
|
|
62,022
|
Salary and welfare
payable
|
|
156,599
|
|
|
98,460
|
|
|
15,250
|
Accrued expenses and
other current liabilities
|
|
172,376
|
|
|
131,387
|
|
|
20,350
|
Operating
lease liabilities
|
|
36,370
|
|
|
31,737
|
|
|
4,915
|
Total current
liabilities
|
|
1,062,413
|
|
|
911,211
|
|
|
141,129
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
1,312
|
|
|
1,312
|
|
|
203
|
Long-term
liabilities
|
|
28,182
|
|
|
28,182
|
|
|
4,365
|
Operating
lease liabilities
|
|
16,672
|
|
|
2,900
|
|
|
449
|
Total non-current
liabilities
|
|
46,166
|
|
|
32,394
|
|
|
5,017
|
Total
liabilities
|
|
1,108,579
|
|
|
943,605
|
|
|
146,146
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
Phoenix New Media
Limited shareholders' equity:
|
|
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
17,499
|
|
|
17,499
|
|
|
2,710
|
Class B ordinary
shares
|
|
22,053
|
|
|
22,053
|
|
|
3,416
|
Additional paid-in
capital
|
|
1,620,580
|
|
|
1,626,528
|
|
|
251,917
|
Statutory
reserves
|
|
92,017
|
|
|
93,259
|
|
|
14,444
|
Accumulated
deficit
|
|
(88,191)
|
|
|
(125,709)
|
|
|
(19,470)
|
Accumulated other
comprehensive loss
|
|
(28,214)
|
|
|
(32,066)
|
|
|
(4,966)
|
Total Phoenix New
Media Limited shareholders' equity
|
|
1,635,744
|
|
|
1,601,564
|
|
|
248,051
|
Noncontrolling
interests
|
|
28,229
|
|
|
22,381
|
|
|
3,466
|
Total
shareholders' equity
|
|
1,663,973
|
|
|
1,623,945
|
|
|
251,517
|
Total liabilities
and shareholders' equity
|
|
2,772,552
|
|
|
2,567,550
|
|
|
397,663
|
|
* Derived from
audited financial statements included in the Company's Form 20-F
dated April 28, 2021.
|
Phoenix New Media
Limited
|
Condensed
Consolidated Statements of Comprehensive
Income/(loss)
|
(Amounts in
thousands, except for number of shares and per share (or ADS)
data)
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
June
30,
|
|
|
March
31,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
|
2020
|
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2021
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
advertising revenues
|
|
286,346
|
|
|
|
201,313
|
|
|
|
232,988
|
|
|
|
36,085
|
|
|
|
495,056
|
|
|
|
434,301
|
|
|
|
67,265
|
Paid service
revenues
|
|
25,935
|
|
|
|
24,778
|
|
|
|
23,730
|
|
|
|
3,675
|
|
|
|
48,601
|
|
|
|
48,508
|
|
|
|
7,513
|
Total
revenues
|
|
312,281
|
|
|
|
226,091
|
|
|
|
256,718
|
|
|
|
39,760
|
|
|
|
543,657
|
|
|
|
482,809
|
|
|
|
74,778
|
Cost of
revenues
|
|
(124,728)
|
|
|
|
(108,104)
|
|
|
|
(137,035)
|
|
|
|
(21,224)
|
|
|
|
(230,026)
|
|
|
|
(245,139)
|
|
|
|
(37,967)
|
Gross
profit
|
|
187,553
|
|
|
|
117,987
|
|
|
|
119,683
|
|
|
|
18,536
|
|
|
|
313,631
|
|
|
|
237,670
|
|
|
|
36,811
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses
|
|
(57,247)
|
|
|
|
(64,843)
|
|
|
|
(65,368)
|
|
|
|
(10,124)
|
|
|
|
(138,870)
|
|
|
|
(130,211)
|
|
|
|
(20,167)
|
General and
administrative expenses
|
|
(62,161)
|
|
|
|
(54,828)
|
|
|
|
(50,665)
|
|
|
|
(7,847)
|
|
|
|
(132,433)
|
|
|
|
(105,493)
|
|
|
|
(16,339)
|
Technology and product
development
expenses
|
|
(42,555)
|
|
|
|
(40,275)
|
|
|
|
(38,429)
|
|
|
|
(5,952)
|
|
|
|
(87,666)
|
|
|
|
(78,704)
|
|
|
|
(12,190)
|
Total operating
expenses
|
|
(161,963)
|
|
|
|
(159,946)
|
|
|
|
(154,462)
|
|
|
|
(23,923)
|
|
|
|
(358,969)
|
|
|
|
(314,408)
|
|
|
|
(48,696)
|
Income/(loss) from
operations
|
|
25,590
|
|
|
|
(41,959)
|
|
|
|
(34,779)
|
|
|
|
(5,387)
|
|
|
|
(45,338)
|
|
|
|
(76,738)
|
|
|
|
(11,885)
|
Other
income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income,
net
|
|
4,918
|
|
|
|
10,740
|
|
|
|
12,539
|
|
|
|
1,942
|
|
|
|
11,320
|
|
|
|
23,279
|
|
|
|
3,605
|
Foreign currency
exchange gain/(loss)
|
|
83
|
|
|
|
(2,765)
|
|
|
|
6,862
|
|
|
|
1,063
|
|
|
|
(1,645)
|
|
|
|
4,097
|
|
|
|
635
|
Loss from equity
method investments, net
of impairment
|
|
-
|
|
|
|
(107)
|
|
|
|
(320)
|
|
|
|
(50)
|
|
|
|
(236)
|
|
|
|
(427)
|
|
|
|
(66)
|
Changes in fair value
of loan related to
co-sale of Particle shares
|
|
(20,049)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(20,049)
|
|
|
|
-
|
|
|
|
-
|
Changes in fair value
of forward
contract in relation
to disposal of
investments in
Particle
|
|
1,341
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
16,085
|
|
|
|
-
|
|
|
|
-
|
Others, net
|
|
8,635
|
|
|
|
4,670
|
|
|
|
4,925
|
|
|
|
763
|
|
|
|
13,751
|
|
|
|
9,595
|
|
|
|
1,486
|
Income/(loss) from
continuing operations
before income taxes
|
|
20,518
|
|
|
|
(29,421)
|
|
|
|
(10,773)
|
|
|
|
(1,669)
|
|
|
|
(26,112)
|
|
|
|
(40,194)
|
|
|
|
(6,225)
|
Income tax
expense
|
|
(3,216)
|
|
|
|
(250)
|
|
|
|
(1,486)
|
|
|
|
(230)
|
|
|
|
(2,459)
|
|
|
|
(1,736)
|
|
|
|
(269)
|
Net income/(loss)
from continuing operations
|
|
17,302
|
|
|
|
(29,671)
|
|
|
|
(12,259)
|
|
|
|
(1,899)
|
|
|
|
(28,571)
|
|
|
|
(41,930)
|
|
|
|
(6,494)
|
Net loss from
discontinued operations, net
of income taxes
|
|
(17,869)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(62,366)
|
|
|
|
-
|
|
|
|
-
|
Net
loss
|
|
(567)
|
|
|
|
(29,671)
|
|
|
|
(12,259)
|
|
|
|
(1,899)
|
|
|
|
(90,937)
|
|
|
|
(41,930)
|
|
|
|
(6,494)
|
Net loss/(income)
attributable to
noncontrolling interests:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income)/loss from
continuing
operations attributable to noncontrolling
interests
|
|
(14,536)
|
|
|
|
498
|
|
|
|
5,157
|
|
|
|
799
|
|
|
|
(7,282)
|
|
|
|
5,655
|
|
|
|
876
|
Net loss from
discontinued operations
attributable to noncontrolling interests
|
|
1,884
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
24,759
|
|
|
|
-
|
|
|
|
-
|
Net loss/(income)
attributable to
noncontrolling interests
|
|
(12,652)
|
|
|
|
498
|
|
|
|
5,157
|
|
|
|
799
|
|
|
|
17,477
|
|
|
|
5,655
|
|
|
|
876
|
Net income/(loss)
attributable to Phoenix
New Media Limited:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) from
continuing
operations attributable to Phoenix New
Media Limited
|
|
2,766
|
|
|
|
(29,173)
|
|
|
|
(7,102)
|
|
|
|
(1,100)
|
|
|
|
(35,853)
|
|
|
|
(36,275)
|
|
|
|
(5,618)
|
Net loss from
discontinued operations
attributable to Phoenix New Media
Limited
|
|
(15,985)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(37,607)
|
|
|
|
-
|
|
|
|
-
|
Net loss
attributable to Phoenix New
Media Limited
|
|
(13,219)
|
|
|
|
(29,173)
|
|
|
|
(7,102)
|
|
|
|
(1,100)
|
|
|
|
(73,460)
|
|
|
|
(36,275)
|
|
|
|
(5,618)
|
Net
loss
|
|
(567)
|
|
|
|
(29,671)
|
|
|
|
(12,259)
|
|
|
|
(1,899)
|
|
|
|
(90,937)
|
|
|
|
(41,930)
|
|
|
|
(6,494)
|
Other comprehensive
loss, net of tax: fair
value remeasurement for available-for-
sale debt investments
|
|
(886,110)
|
|
|
|
(1,730)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(886,110)
|
|
|
|
(1,730)
|
|
|
|
(268)
|
Other comprehensive
(loss)/income, net of
tax: foreign currency translation
adjustment
|
|
(1,602)
|
|
|
|
2,017
|
|
|
|
(4,140)
|
|
|
|
(641)
|
|
|
|
28,826
|
|
|
|
(2,123)
|
|
|
|
(329)
|
Comprehensive
loss
|
|
(888,279)
|
|
|
|
(29,384)
|
|
|
|
(16,399)
|
|
|
|
(2,540)
|
|
|
|
(948,221)
|
|
|
|
(45,783)
|
|
|
|
(7,091)
|
Comprehensive
(income)/loss attributable
to noncontrolling interests
|
|
(12,652)
|
|
|
|
498
|
|
|
|
5,157
|
|
|
|
799
|
|
|
|
17,477
|
|
|
|
5,655
|
|
|
|
876
|
Comprehensive loss
attributable to
Phoenix New Media Limited
|
|
(900,931)
|
|
|
|
(28,886)
|
|
|
|
(11,242)
|
|
|
|
(1,741)
|
|
|
|
(930,744)
|
|
|
|
(40,128)
|
|
|
|
(6,215)
|
Basic net loss per
Class A and Class B
ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Continuing operations
|
|
-
|
|
|
|
(0.05)
|
|
|
|
(0.01)
|
|
|
|
-
|
|
|
|
(0.06)
|
|
|
|
(0.06)
|
|
|
|
(0.01)
|
-Discontinued operations
|
|
(0.02)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.07)
|
|
|
|
-
|
|
|
|
-
|
Basic net loss per
Class A and Class B
ordinary share
|
|
(0.02)
|
|
|
|
(0.05)
|
|
|
|
(0.01)
|
|
|
|
-
|
|
|
|
(0.13)
|
|
|
|
(0.06)
|
|
|
|
(0.01)
|
Diluted net loss
per Class A and Class B
ordinary share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Continuing operations
|
|
-
|
|
|
|
(0.05)
|
|
|
|
(0.01)
|
|
|
|
-
|
|
|
|
(0.06)
|
|
|
|
(0.06)
|
|
|
|
(0.01)
|
-Discontinued operations
|
|
(0.02)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.07)
|
|
|
|
-
|
|
|
|
-
|
Diluted net loss
per Class A and Class B
ordinary share
|
|
(0.02)
|
|
|
|
(0.05)
|
|
|
|
(0.01)
|
|
|
|
-
|
|
|
|
(0.13)
|
|
|
|
(0.06)
|
|
|
|
(0.01)
|
Basic
income/(loss) per ADS (1 ADS
represents 8 Class A ordinary shares):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Continuing operations
|
|
0.04
|
|
|
|
(0.40)
|
|
|
|
(0.10)
|
|
|
|
(0.02)
|
|
|
|
(0.49)
|
|
|
|
(0.50)
|
|
|
|
(0.08)
|
-Discontinued operations
|
|
(0.22)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.52)
|
|
|
|
-
|
|
|
|
-
|
Basic net loss per
ADS (1 ADS represents
8 Class A ordinary shares)
|
|
(0.18)
|
|
|
|
(0.40)
|
|
|
|
(0.10)
|
|
|
|
(0.02)
|
|
|
|
(1.01)
|
|
|
|
(0.50)
|
|
|
|
(0.08)
|
Diluted net
income/(loss) per ADS (1 ADS
represents 8 Class A ordinary shares):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Continuing operations
|
|
0.04
|
|
|
|
(0.40)
|
|
|
|
(0.10)
|
|
|
|
(0.02)
|
|
|
|
(0.49)
|
|
|
|
(0.50)
|
|
|
|
(0.08)
|
-Discontinued operations
|
|
(0.22)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.52)
|
|
|
|
-
|
|
|
|
-
|
Diluted net loss
per ADS (1 ADS
represents 8 Class A ordinary shares)
|
|
(0.18)
|
|
|
|
(0.40)
|
|
|
|
(0.10)
|
|
|
|
(0.02)
|
|
|
|
(1.01)
|
|
|
|
(0.50)
|
|
|
|
(0.08)
|
Weighted average
number of Class A and
Class B ordinary shares used in computing
net (loss)/income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
Diluted
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
|
|
|
582,324,325
|
Phoenix New Media
Limited
|
Condensed Segments
Information
|
(Amounts in
thousands)
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
June
30,
|
|
|
March
31,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
|
2020
|
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2021
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net advertising
service
|
|
286,346
|
|
|
|
201,313
|
|
|
|
232,988
|
|
|
|
36,085
|
|
|
|
495,056
|
|
|
|
434,301
|
|
|
|
67,265
|
Paid
services
|
|
25,935
|
|
|
|
24,778
|
|
|
|
23,730
|
|
|
|
3,675
|
|
|
|
48,601
|
|
|
|
48,508
|
|
|
|
7,513
|
Total
revenues
|
|
312,281
|
|
|
|
226,091
|
|
|
|
256,718
|
|
|
|
39,760
|
|
|
|
543,657
|
|
|
|
482,809
|
|
|
|
74,778
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net advertising
service
|
|
117,536
|
|
|
|
101,255
|
|
|
|
129,772
|
|
|
|
20,099
|
|
|
|
214,769
|
|
|
|
231,027
|
|
|
|
35,781
|
Paid
services
|
|
7,192
|
|
|
|
6,849
|
|
|
|
7,263
|
|
|
|
1,125
|
|
|
|
15,257
|
|
|
|
14,112
|
|
|
|
2,186
|
Total cost of
revenues
|
|
124,728
|
|
|
|
108,104
|
|
|
|
137,035
|
|
|
|
21,224
|
|
|
|
230,026
|
|
|
|
245,139
|
|
|
|
37,967
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net advertising
service
|
|
168,810
|
|
|
|
100,058
|
|
|
|
103,216
|
|
|
|
15,986
|
|
|
|
280,287
|
|
|
|
203,274
|
|
|
|
31,484
|
Paid
services
|
|
18,743
|
|
|
|
17,929
|
|
|
|
16,467
|
|
|
|
2,550
|
|
|
|
33,344
|
|
|
|
34,396
|
|
|
|
5,327
|
Total gross
profit
|
|
187,553
|
|
|
|
117,987
|
|
|
|
119,683
|
|
|
|
18,536
|
|
|
|
313,631
|
|
|
|
237,670
|
|
|
|
36,811
|
Phoenix New Media
Limited
|
Condensed
Information of Cost of Revenues
|
(Amounts in
thousands)
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
June
30,
|
|
|
March
31,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
June
30,
|
|
2020
|
|
|
2021
|
|
|
2021
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2021
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
|
RMB
|
|
|
RMB
|
|
|
US$
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
Revenue sharing
fees
|
|
2,371
|
|
|
|
2,571
|
|
|
|
4,083
|
|
|
|
632
|
|
|
|
6,627
|
|
|
|
6,654
|
|
|
|
1,031
|
Content and
operational costs
|
|
107,404
|
|
|
|
91,717
|
|
|
|
118,416
|
|
|
|
18,341
|
|
|
|
194,434
|
|
|
|
210,133
|
|
|
|
32,545
|
Bandwidth
costs
|
|
14,953
|
|
|
|
13,816
|
|
|
|
14,536
|
|
|
|
2,251
|
|
|
|
28,965
|
|
|
|
28,352
|
|
|
|
4,391
|
Total cost of
revenues
|
|
124,728
|
|
|
|
108,104
|
|
|
|
137,035
|
|
|
|
21,224
|
|
|
|
230,026
|
|
|
|
245,139
|
|
|
|
37,967
|
Reconciliations of
Non-GAAP Results of Operations Measures to the Nearest Comparable
GAAP Measures
|
(Amounts in
thousands, except for number of ADSs and per ADS
data)
|
|
|
Three Months Ended
June 30, 2020
|
|
|
Three Months Ended
March 31, 2021
|
|
|
Three Months Ended
June 30, 2021
|
|
|
GAAP
|
|
|
Non-GAAP
Adjustments
|
|
|
Non-
GAAP
|
|
|
GAAP
|
|
|
Non-GAAP
Adjustments
|
|
|
Non-
GAAP
|
|
|
GAAP
|
|
|
Non-GAAP
Adjustments
|
|
|
Non-
GAAP
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
|
Unaudited
|
|
Gross
profit
|
|
187,553
|
|
|
|
842
|
(1)
|
|
|
188,395
|
|
|
|
117,987
|
|
|
|
268
|
(1)
|
|
|
118,255
|
|
|
|
119,683
|
|
|
|
1,067
|
(1)
|
|
|
120,750
|
|
Gross
margin
|
|
60.1
|
%
|
|
|
|
|
|
|
60.3
|
%
|
|
|
52.2
|
%
|
|
|
|
|
|
|
52.3
|
%
|
|
|
46.6
|
%
|
|
|
|
|
|
|
47.0
|
%
|
|
|
|
|
|
|
2,225
|
(1)
|
|
|
|
|
|
|
|
|
|
|
1,288
|
(1)
|
|
|
|
|
|
|
|
|
|
|
4,707
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) from
operations
|
|
25,590
|
|
|
|
2,225
|
|
|
|
27,815
|
|
|
|
(41,959)
|
|
|
|
1,288
|
|
|
|
(40,671)
|
|
|
|
(34,779)
|
|
|
|
4,707
|
|
|
|
(30,072)
|
|
Operating
margin
|
|
8.2
|
%
|
|
|
|
|
|
|
8.9
|
%
|
|
|
(18.6)
|
%
|
|
|
|
|
|
|
(18.0)
|
%
|
|
|
(13.5)
|
%
|
|
|
|
|
|
|
(11.7)
|
%
|
|
|
|
|
|
|
2,225
|
(1)
|
|
|
|
|
|
|
|
|
|
|
1,288
|
(1)
|
|
|
|
|
|
|
|
|
|
|
4,707
|
(1)
|
|
|
|
|
|
|
|
|
|
|
-
|
(2)
|
|
|
|
|
|
|
|
|
|
|
107
|
(2)
|
|
|
|
|
|
|
|
|
|
|
320
|
(2)
|
|
|
|
|
|
|
|
|
|
|
(1,341)
|
(3)
|
|
|
|
|
|
|
|
|
|
|
-
|
(3)
|
|
|
|
|
|
|
|
|
|
|
-
|
(3)
|
|
|
|
|
|
|
|
|
|
|
20,049
|
(4)
|
|
|
|
|
|
|
|
|
|
|
-
|
(4)
|
|
|
|
|
|
|
|
|
|
|
-
|
(4)
|
|
|
|
|
Net income/(loss)
from continuing
operations attributable to Phoenix
New Media Limited
|
|
2,766
|
|
|
|
20,933
|
|
|
|
23,699
|
|
|
|
(29,173)
|
|
|
|
1,395
|
|
|
|
(27,778)
|
|
|
|
(7,102)
|
|
|
|
5,027
|
|
|
|
(2,075)
|
|
Net margin
|
|
0.9
|
%
|
|
|
|
|
|
|
7.6
|
%
|
|
|
(12.9)
|
%
|
|
|
|
|
|
|
(12.3)
|
%
|
|
|
(2.8)
|
%
|
|
|
|
|
|
|
(0.8)
|
%
|
Net income/(loss) per
ADS-diluted
|
|
0.04
|
|
|
|
|
|
|
|
0.33
|
|
|
|
(0.40)
|
|
|
|
|
|
|
|
(0.38)
|
|
|
|
(0.10)
|
|
|
|
|
|
|
|
(0.03)
|
|
Weighted average
number of ADSs
used in computing diluted net
income/(loss) per ADS
|
|
72,790,541
|
|
|
|
|
|
|
|
72,790,541
|
|
|
|
72,790,541
|
|
|
|
|
|
|
|
72,790,541
|
|
|
|
72,790,541
|
|
|
|
|
|
|
|
72,790,541
|
|
|
(1) Share-based
compensation
|
(2) Loss from
equity method investments, net of impairment
|
(3) Changes in
fair value of forward contract in relation to disposal of
investments in Particle
|
(4) Changes in
fair value of loan related to co-sale of Particle shares
|
View original
content:https://www.prnewswire.com/news-releases/phoenix-new-media-reports-second-quarter-2021-unaudited-financial-results-301355713.html
SOURCE Phoenix New Media Limited