Phoenix New Media Reports First Quarter 2016 Unaudited Financial Results

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Phoenix New Media Reports First Quarter 2016 Unaudited Financial Results
1Q16 Mobile Advertising Revenues Up 115.3% YOY
Live Conference Call to be Held at 9:00 PM U.S. Eastern Time on May 9

BEIJING, May 9, 2016 /PRNewswire/ -- Phoenix New Media Limited (NYSE: FENG), a leading new media company in China ("Phoenix New Media", "ifeng" or the "Company"), today announced its unaudited financial results for the first quarter ended March 31, 2016.

"As the Internet media landscape in China continues to evolve, ifeng remains focused on strengthening our core capabilities by bridging high-quality journalism with cutting-edge technology," stated Mr. Shuang Liu, CEO of Phoenix New Media. "We are focusing on further integrating our content and marketing resources across the PC and mobile ends to offer a more seamless and comprehensive experience to our users. Along with these resources integration efforts, we are strategically shifting our focus to the mobile end, with an emphasis on boosting consumption of our original content over our ifeng news app and attracting users to our platform through leveraging Yidian's personalized content offering. We are also rolling out marketing solutions for advertisers looking to benefit from the integration of mobile, video and big data technology, and will continue to hone our journalistic capabilities in order to create a more effective and efficient media ecosystem of creation, consumption and monetization."

Mr. Ya Li, president of Phoenix New Media, stated, "We continue to face headwinds associated with the market-wide pressure on PC ad revenues, and our first quarter results reflect this reality. However, our strong 115.3% year-over-year growth in mobile advertising revenues validates our strategy to integrate content and marketing resources with a focus on the mobile front. Yidian Zixun's total number of average daily active users reached 25 million in April. In addition, our ifeng News app's user base was assessed as the stickiest among its peers in the news app space, in terms of average time spent per user, according to iResearch in March 2016. The competitive edge of our mobile offering reflects our media DNA and will support us as we navigate the PC-media industry downturn and focus on capturing new growth opportunities in the mobile era."

First Quarter 2016 Financial Results

REVENUES

Total revenues for the first quarter of 2016 were RMB322.9 million (US$50.1 million), as compared to RMB365.1 million in the first quarter of 2015.

Net advertising revenues (net of advertising agency service fees) for the first quarter of 2016 increased by 1.1% to RMB271.4 million (US$42.1 million) from RMB268.4 million in the first quarter of 2015, primarily due to the 115.3% year-over-year growth in mobile advertising revenues, which was partially offset by the decrease in PC advertising revenues.

Paid service revenues for the first quarter of 2016 were RMB51.6 million (US$8.0 million), as compared to RMB96.7 million in the first quarter of 2015, primarily due to the 61.0% year-over-year decrease in mobile value-added services ("MVAS")[1] revenues to RMB29.1 million (US$4.5 million) from RMB74.7 million in the first quarter of 2015 resulting from the decrease in user demands. Revenues from games and others[2] for the first quarter of 2016 increased by 2.3% to RMB22.5 million (US$3.5 million) from RMB22.0 million in the first quarter of 2015, primarily due to the increase in revenues generated from online digital reading business.

COST OF REVENUES

Cost of revenues for the first quarter of 2016 decreased by 16.8% to RMB158.2 million (US$24.5 million) from RMB190.1 million in the first quarter of 2015. The decrease in cost of revenues was primarily due to the decrease in revenue sharing fees and bandwidth costs. Revenue sharing fees to telecom operators and channel partners for the first quarter of 2016 decreased to RMB18.9 million (US$2.9 million) from RMB51.5 million in the first quarter of 2015, mainly due to the decreased sales of MVAS products. Content and operational costs for the first quarter of 2016 increased to RMB95.5 million (US$14.8 million) from RMB90.8 million in the first quarter of 2015, due to the increase in content acquisition cost. Bandwidth costs for the first quarter of 2016 decreased to RMB17.3 million (US$2.7 million) from RMB21.5 million in the first quarter of 2015. Sales taxes and surcharges for the first quarter of 2016 was RMB26.5 million (US$4.1 million) which was flat as compared with the same period last year. Share-based compensation included in cost of revenues was RMB0.9 million (US$0.1 million) in the first quarter of 2016, as compared to RMB5.0 million in the first quarter of 2015. The decrease was primarily due to an increase of the estimated forfeiture rate of share-based awards.

GROSS PROFIT

Gross profit for the first quarter of 2016 was RMB164.8 million (US$25.6 million), as compared to RMB175.0 million in the first quarter of 2015. Gross margin for the first quarter of 2016 increased to 51.0% from 47.9% in the first quarter of 2015. The increase of gross profit margin was mainly attributable to the decrease of share-based compensation included in cost of revenues and decrease of sale of low gross profit margin products in paid services.

To supplement the financial measures presented in accordance with the United States Generally Accepted Accounting Principles ("GAAP"), the Company has presented below certain non-GAAP financial measures which excluded the impact of certain non-cash or non-operating items as stated in the section entitled "Use of Non-GAAP Financial Measures" below, and 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, which excludes share-based compensation, for the first quarter of 2016 increased to 51.3% from 49.3% in the first quarter of 2015.

OPERATING EXPENSES AND INCOME FROM OPERATIONS

Total operating expenses for the first quarter of 2016 decreased by 4.2% to RMB161.0 million (US$25.0 million) from RMB168.0 million in the first quarter of 2015. Share-based compensation included in operating expenses decreased to RMB3.2 million (US$0.5 million) in the first quarter of 2016 from RMB9.8 million in the first quarter of 2015, primarily due to an increase of the estimated forfeiture rate of share-based awards.

Income from operations for the first quarter of 2016 was RMB3.8 million (US$0.6 million), as compared to income from operations of RMB6.9 million in the first quarter of 2015. Operating margin for the first quarter of 2016 was 1.2% as compared to 1.9% in the first quarter of 2015. The decrease was mainly due to the decrease in paid services revenue and the increase in mobile traffic acquisition expenses and bad debt provision, which were partially offset by the decrease in revenue sharing fees and share-based compensation.

Non-GAAP income from operations for the first quarter of 2016, which excludes share-based compensation, was RMB7.9 million (US$1.2 million), as compared to RMB21.7 million in the first quarter of 2015. Non-GAAP operating margin for the first quarter of 2016, which excludes share-based compensation, was 2.4%, as compared to 6.0% in the first quarter of 2015. The decrease was mainly due to the decrease in paid services revenue and the increase in mobile traffic acquisition expenses and bad debt provision, which were partially offset by the decrease in revenue sharing fees.

OTHER INCOME/(LOSS)

Other income/(loss) reflects interest income, net, foreign currency exchange gain or loss, loss/gain from equity investments, including impairments and others, net[3]. Total other income for the first quarter of 2016 was RMB10.7 million (US$1.7 million), as compared to total other loss of RMB13.4 million in the first quarter of 2015. Gain from equity investments, including impairments for the first quarter of 2016 was RMB1.0 million (US$0.2 million), as compared to loss from equity investments, including impairments of RMB20.0 million in the first quarter of 2015. Interest income, net, for the first quarter of 2016 was RMB7.4 million (US$1.1 million), as compared to RMB8.8 million in the first quarter of 2015. Foreign currency exchange loss for the first quarter of 2016 was RMB1.9 million (US$0.3 million), which was consistent with the first quarter of 2015.

NET (LOSS)/INCOME ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED

Net income attributable to Phoenix New Media Limited for the first quarter of 2016 increased to RMB11.6 million (US$1.8 million) from a net loss attributable to Phoenix New Media Limited of RMB11.2 million in the first quarter of 2015. Net margin for the first quarter of 2016 was 3.6% as compared to negative 3.1% in the first quarter of 2015. Net income per diluted ADS[4] in the first quarter of 2016 increased to RMB0.16(US$0.02) from a net loss of RMB0.16 in the first quarter of 2015.

Non-GAAP net income attributable to Phoenix New Media Limited for the first quarter of 2016, which excludes share-based compensation and loss/gain from equity investments, including impairments, was RMB14.7 million (US$2.3 million), as compared to RMB23.6 million in the first quarter of 2015. Non-GAAP net margin for the first quarter of 2016 was 4.5%, as compared to 6.5% in the first quarter of 2015. Non-GAAP net income per diluted ADS in the first quarter of 2016 was RMB0.20(US$0.03), as compared to RMB0.32 in the first quarter of 2015.

As of March 31, 2016, the Company's cash and cash equivalents, term deposits and short term investments and restricted cash were RMB1.09 billion (US$169.3 million).

For the first quarter of 2016, the Company's weighted average number of ADSs used in the computation of diluted net income per ADS was 72,260,128. As of March 31, 2016, the Company had a total of 570,651,462 ordinary shares outstanding, or the equivalent of 71,331,433 ADSs.

Recent Updates

The Company announced today that Mr. Andy Jin Xu, Senior Vice President of the Company, has resigned due to personal reasons. Mr. Shuang Liu, CEO of the Company, will assume interim responsibility for handling all advertising sales, marketing and branding activities while the Company undertakes a search for Mr. Xu's replacement. Mr. Xu will leave the Company on July 1, 2016, but will continue to consult for the Company during the search for his replacement, in order to ensure a smooth transition. Mr. Shuang Liu stated, "On behalf of the ifeng team, I would like to sincerely thank Andy for his contribution to the Company over the past three years. Under his direction, we were able to integrate PC and mobile sales forces, establish a more complete advertising sales system, develop strong native marketing solutions, rapidly grow our mobile advertising revenues, and further strengthen the ifeng brand in China's advertising industry. We sincerely wish him the best in his future endeavors."

Business Outlook

For the second quarter of 2016, the Company expects its total revenues to be between RMB336.0 million and RMB351.0 million. Net advertising revenues are expected to be between RMB290.0 million and RMB300.0 million. Paid service revenues are expected to be between RMB46.0 million and RMB51.0 million. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which are subject to change.

Conference Call Information

The Company will hold a conference call at 9:00 p.m. U.S. Eastern Time on May 9, 2016 (May 10, 2016 at 9:00 a.m.Beijing / Hong Kong time) to discuss its first quarter 2016 unaudited financial results and operating performance.

To participate in the call, please use the dial-in numbers and conference ID below:

International:                          

+6567135440

Mainland China:                    

4001200654

Hong Kong:                          

+85230186776

United States:                       

+18456750438

Conference ID:                      

2410154

A replay of the call will be available through May 16, 2016 by using the dial-in numbers and conference ID below:

International:                         

+61290034211

Mainland China:                    

4006322162

Hong Kong:             

+85230512780

United States:                        

+16462543697

Conference ID:                      

2410154

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 from operations, non-GAAP operating margin, non-GAAP net income attributable to Phoenix New Media Limited, non-GAAP net margin and non-GAAP net income 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 from operations is income from operations excluding share-based compensation. Non-GAAP operating margin is non-GAAP income from operations divided by total revenues. Non-GAAP net income attributable to Phoenix New Media Limited is net income attributable to Phoenix New Media Limited excluding share-based compensation and loss/gain from equity investments, including impairments. Non-GAAP net margin is non-GAAP net income attributable to Phoenix New Media Limited divided by total revenues. Non-GAAP net income per diluted ADS is non-GAAP net income attributable to Phoenix New Media Limited divided by weighted average number of diluted ADSs. The Company believes that separate analysis and exclusion of the non-cash impact of share-based compensation and loss/gain from equity investments, including impairments, add clarity to the constituent parts of its performance. The Company reviews non-GAAP net income together with net income 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 multiple measures to evaluate its business allows both management and investors to assess the Company's performance against its competitors. The Company also believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of non-cash share-based compensation and loss/gain from equity investments, including impairments. Share-based compensation and loss/gain from equity investments, including impairments have been and will continue to be significant and recurring in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured 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 non-GAAP financial measure 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 RMB6.4480 to US$1.00, the noon buying rate in effect on March 31, 2016 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 platform across Internet, mobile and TV channels 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 and through their mobile devices. Phoenix New Media's platform includes its ifeng.com channel, consisting of its ifeng.com website and web-based game platform, its video channel, comprised of its dedicated video vertical and mobile video services, and its mobile channel, including its mobile Internet website, mobile applications and 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 and MVAS 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; fluctuations in the Company's quarterly operating results; the Company's plans to enhance its user experience, infrastructure and services offerings; the Company's reliance on mobile operators in China to provide most of its MVAS; changes by mobile operators in China to their policies for MVAS; competition in its industry in China; and relevant government policies and regulations relating to the Company. 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
Matthew Zhao
Email: investorrelations@ifeng.com

ICR, Inc.
Vera Tang
Tel: +1 (646) 277-1215
Email: investorrelations@ifeng.com

[1] MVAS includes wireless value-added services, or WVAS, mobile video, mobile digital reading, mobile games and other paid services through China's three telecom operators' platforms.

[2] Games and others include web-based games, content sales, and other online and mobile paid services through the Company's own platforms.

[3] "Others, net" primarily consists of government subsidies.

[4] "ADS" means American Depositary Share of the Company. Each ADS represents eight Class A ordinary shares of the Company.

 

Phoenix New Media Limited

Condensed Consolidated Balance Sheets

(Amounts in thousands)


December 31,


March 31,


March 31,

2015

2016


2016


RMB


RMB


US$


Audited*


Unaudited


Unaudited







ASSETS






Current assets:






Cash and cash equivalents

310,669


225,788


35,017

Term deposits and short term investments

769,681


740,560


114,851

Restricted cash

125,000


125,000


19,386

Accounts receivable, net

506,351


500,308


77,591

Amounts due from related parties

124,677


200,161


31,042

Prepayment and other current assets

58,574


66,692


10,343

Deferred tax assets

35,963


38,829


6,022

Total current assets

1,930,915


1,897,338


294,252

Non-current assets:






Property and equipment, net

80,537


77,226


11,977

Intangible assets, net

12,404


11,088


1,720

Available-for-sale investments

513,994


516,743


80,140

Equity investments, net

11,610


11,585


1,797

Other non-current assets

17,746


17,718


2,747

Total non-current assets

636,291


634,360


98,381

Total assets

2,567,206


2,531,698


392,633

LIABILITIES AND SHAREHOLDERS' EQUITY






Current liabilities:






Short-term loans

131,046


130,392


20,222

Accounts payable

289,148


288,817


44,792

Amounts due to related parties

19,368


18,504


2,870

Advances from customers

15,239


20,077


3,114

Taxes payable

93,120


65,279


10,124

Salary and welfare payable

114,028


89,924


13,946

Accrued expenses and other current liabilities

80,891


73,157


11,346

Total current liabilities

742,840


686,150


106,414

Non-current liabilities:






Deferred tax liabilities

1,312


1,312


203

Long-term liabilities 

18,368


19,294


2,992

Total non-current liabilities

19,680


20,606


3,195

Total liabilities

762,520


706,756


109,609

Shareholders' equity:






Phoenix New Media Limited shareholders' equity:






Class A ordinary shares

16,733


16,738


2,596

Class B ordinary shares

22,053


22,053


3,420

Additional paid-in capital

1,551,104


1,556,993


241,469

Statutory reserves

70,311


70,311


10,904

Retained earnings

122,093


133,711


20,737

Accumulated other comprehensive income

23,341


26,587


4,123

Total Phoenix New Media Limited shareholders' equity

1,805,635


1,826,393


283,249

Noncontrolling interests

(949)


(1,451)


(225)

Total shareholders' equity

1,804,686


1,824,942


283,024

Total liabilities and shareholders' equity

2,567,206


2,531,698


392,633







* Derived from audited financial statements included in the Company's Form 20-F dated April 28, 2016.







 

Phoenix New Media Limited

Condensed Consolidated Statements of Comprehensive Income

(Amounts in thousands, except for number of shares and per share (or ADS) data)











Three Months Ended



March 31,


December 31,


March 31,


March 31,



2015


2015


2016


2016



RMB


RMB


RMB


US$ 



Unaudited


Unaudited


Unaudited


Unaudited











Revenues:









  Net advertising revenues

268,396


346,190


271,383


42,088


  Paid service revenues

96,705


84,579


51,557


7,996


Total revenues

365,101


430,769


322,940


50,084


Cost of revenues

(190,134)


(207,028)


(158,168)


(24,530)


Gross profit

174,967


223,741


164,772


25,554


Operating expenses:









  Sales and marketing expenses

(87,590)


(82,756)


(75,558)


(11,718)


  General and administrative expenses

(39,059)


(60,020)


(45,043)


(6,986)


  Technology and product development expenses

(41,376)


(43,958)


(40,358)


(6,259)


Total operating expenses

(168,025)


(186,734)


(160,959)


(24,963)


Income from operations

6,942


37,007


3,813


591


Other income/(loss):









  Interest income, net

8,831


6,754


7,353


1,140


  Foreign currency exchange (loss)/gain

(1,917)


743


(1,864)


(289)


  (Loss)/gain from equity investments,including
      impairments

(20,019)


(9,771)


1,007


156


  Others, net

(298)


13,066


4,206


653


(Loss)/income before tax

(6,461)


47,799


14,515


2,251


  Income tax expense

(4,859)


(7,158)


(3,399)


(527)


Net (loss)/income

(11,320)


40,641


11,116


1,724


  Net loss attributable to noncontrolling interests

111


422


502


78


Net (loss)/income attributable to Phoenix New
    Media Limited

(11,209)


41,063


11,618


1,802


Net (loss)/income

(11,320)


40,641


11,116


1,724


  Other comprehensive (loss)/income, net of tax: fair
      value remeasurement for available-for-sale 
      investments

(3,302)


13,376


5,314


824


  Other comprehensive income/(loss), net of tax:
     foreign currency translation adjustment

1,238


27,220


(2,068)


(321)


Comprehensive (loss)/income

(13,384)


81,237


14,362


2,227


  Comprehensive loss attributable to noncontrolling 
       interests

111


422


502


78


Comprehensive (loss)/income attributable to
      Phoenix New Media Limited

(13,273)


81,659


14,864


2,305


Net (loss)/income attributable to Phoenix New
      Media Limited

(11,209)


41,063


11,618


1,802


Net (loss)/income per Class A and Class B ordinary
   share:









  Basic

(0.02)


0.07


0.02


0.003


  Diluted

(0.02)


0.07


0.02


0.003


Net (loss)/income per ADS (1 ADS represents 8
  Class A ordinary shares):









  Basic

(0.16)


0.57


0.16


0.03


  Diluted

(0.16)


0.57


0.16


0.02


Weighted average number of Class A and Class B 
    ordinary shares used in computing net
    (loss)/income per share:









  Basic

571,848,522


572,175,288


572,996,971


572,996,971


  Diluted

571,848,522


578,625,484


578,081,026


578,081,026











 

Phoenix New Media Limited

Condensed Segments Information

(Amounts in thousands)


Three Months Ended



March 31,


December 31,


March 31,


March 31,



2015


2015


2016


2016



RMB


RMB


RMB


US$ 



Unaudited


Unaudited


Unaudited


Unaudited











Revenues:









  Net advertising service

268,396


346,190


271,383


42,088


  Paid service

96,705


84,579


51,557


7,996


Total revenues

365,101


430,769


322,940


50,084


Cost of revenues









  Net advertising service

127,822


143,144


126,032


19,546


  Paid service

62,312


63,884


32,136


4,984


Total cost of revenues

190,134


207,028


158,168


24,530


Gross profit









  Net advertising service

140,574


203,046


145,351


22,542


  Paid service

34,393


20,695


19,421


3,012


Total gross profit

174,967


223,741


164,772


25,554











 

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 March 31, 2015


Three Months Ended December 31, 2015


Three Months Ended March 31, 2016




Non-GAAP






Non-GAAP






Non-GAAP




GAAP


Adjustments


Non-GAAP


GAAP


Adjustments


Non-GAAP


GAAP


Adjustments


Non-GAAP


RMB


RMB


RMB


RMB


RMB


RMB


RMB


RMB


RMB


Unaudited


Unaudited


Unaudited


Unaudited


Unaudited


Unaudited


Unaudited


Unaudited


Unaudited

Gross profit

174,967


4,993

(1)

179,960


223,741


(7,289)

(1)

216,452


164,772


851

(1)

165,623

Gross margin

47.9%




49.3%


51.9%




50.2%


51.0%




51.3%

Income from operations

6,942


14,805

(1)

21,747


37,007


(5,957)

(1)

31,050


3,813


4,081

(1)

7,894

Operating margin

1.9%




6.0%


8.6%




7.2%


1.2%




2.4%






















14,805

(1)





(5,957)

(1)





4,081

(1)





20,019

(2)





9,771

(2)





(1,007)

(2)




















Net (loss)/income attributable to
    Phoenix New Media Limited

(11,209)


34,824


23,615


41,063


3,814


44,877


11,618


3,074


14,692

Net margin

(3.1%)




6.5%


9.5%




10.4%


3.6%




4.5%

Net (loss)/income per ADS—diluted

(0.16)




0.32


0.57




0.62


0.16




0.20

Weighted average number of ADSs 
  used in computing diluted net
  (loss)/income per ADS

71,481,065




71,481,065


72,328,186




72,328,186


72,260,128




72,260,128





































(1) Share-based compensation

(2) Loss/(gain) from equity investments including impairments






















Details of cost of revenues are as follows:












Three Months Ended








March 31,


December 31,


March 31,


March 31,












2015


2015


2016


2016












RMB


RMB


RMB


US$











(Amounts in thousands)

Unaudited


Unaudited


Unaudited


Unaudited











Revenue sharing fees

51,467


46,603


18,854


2,924











Content and operational costs

90,761


106,585


95,450


14,803











Bandwidth costs

21,540


19,662


17,346


2,690











Sales taxes and surcharges

26,366


34,178


26,518


4,113











Total cost of revenues

190,134


207,028


158,168


24,530















































 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/phoenix-new-media-reports-first-quarter-2016-unaudited-financial-results-300265038.html

SOURCE Phoenix New Media Limited

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