Company News
Live Conference Call to be Held at 8:00 PM U.S. Eastern Time on
"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
Ms.
Adoption of ASC606
Beginning from
The impact of applying the new accounting standard on the Company's unaudited financial results as compared to the old accounting standard for the quarter ended
Three Months Ended September 30, 2018 |
|||||||||||||||||
Adjustments |
|||||||||||||||||
Old Accounting Standard (1) |
Sales Taxes And Surcharges |
Barter Transactions |
Contract Fulfillment Costs |
New Accounting Standard (2) |
|||||||||||||
(RMB in thousands) |
|||||||||||||||||
Revenues |
354,999 |
(29,647) |
3,339 |
- |
328,691 |
||||||||||||
Net advertising revenues |
304,642 |
(27,765) |
3,339 |
- |
280,216 |
||||||||||||
Paid services revenues |
50,357 |
(1,882) |
- |
- |
48,475 |
||||||||||||
Cost of revenues |
(181,104) |
29,647 |
(157) |
27 |
(151,587) |
||||||||||||
Gross profit |
173,895 |
- |
3,182 |
27 |
177,104 |
||||||||||||
Operating expenses |
(233,396) |
- |
(263) |
- |
(233,659) |
||||||||||||
Sales and marketing expenses |
(140,735) |
- |
(263) |
- |
(140,998) |
||||||||||||
Loss from operations |
(59,501) |
- |
2,919 |
27 |
(56,555) |
Note: |
|
(1) |
This financial information for the three months ended September 30, 2018 was presented under the old accounting standard (ASC605). |
(2) |
This financial information for the three months ended September 30, 2018 was presented under the new accounting standard (ASC606). |
Third Quarter 2018 Financial Results
REVENUES
Total revenues for the third quarter of 2018 were
Net advertising revenues for the third quarter of 2018 were
Paid services revenues[1] for the third quarter of 2018 decreased by 22.4% to
Under the old accounting standard ASC605, total revenues for the third quarter of 2018 would have been
Under the old accounting standard ASC605, net advertising revenues for the third quarter of 2018 would have been
Under the old accounting standard ASC605, paid services revenues for the third quarter of 2018 would have been
COST OF REVENUES
Cost of revenues for the third quarter of 2018 was
- The sales taxes and surcharges were
RMB29.6 million (US$4.3 million ) in the third quarter of 2018, which was excluded from cost of revenues and recorded as a reduction item of revenues under the new accounting standard, as compared to sales taxes and surcharges ofRMB35.7 million in the third quarter of 2017, which was recorded as a component of cost of revenues under the old accounting standard ASC605. - Content and operational costs for the third quarter of 2018 increased to
RMB122.6 million (US$17.9 million ) fromRMB110.5 million in the third quarter of 2017, primarily attributable to an increase in advertisement-related content production cost. - Revenue sharing fees to telecom operators and channel partners for the third quarter of 2018 decreased to
RMB14.3 million (US$2.1 million ) fromRMB27.9 million in the third quarter of 2017, primarily attributable to a decrease in the sales of MVAS products. - Bandwidth costs for the third quarter of 2018 increased slightly to
RMB14.7 million (US$2.1 million ) fromRMB14.1 million in the third quarter of 2017. - Share-based compensation included in cost of revenues was
RMB0.4 million (US$0.1 million ) in the third quarter of 2018, as compared toRMB0.9 million in the third quarter of 2017. As the Company recognized share-based compensation, net of estimated forfeitures, on a graded-vesting basis over the vesting term of the awards, there was less share-based compensation recognized in the third quarter of 2018 for share options granted prior to 2018.
GROSS PROFIT
Gross profit for the third quarter of 2018 was
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 for the third quarter of 2018, which excluded share-based compensation, decreased to 54.0% from 56.0% in the third quarter of 2017.
OPERATING EXPENSES AND INCOME/(LOSS) FROM OPERATIONS
Total operating expenses for the third quarter of 2018 increased by 15.7% to
Loss from operations for the third quarter of 2018 was
Non-GAAP loss from operations for the third quarter of 2018, which excluded share-based compensation, was
OTHER INCOME OR LOSS
Other income or loss reflects interest income, interest expense, foreign currency exchange gain or loss, gain or loss from equity method investments, including impairments, and others, net[4]. Total net other income for the third quarter of 2018 was
- Interest income for the third quarter of 2018 decreased to
RMB12.3 million (US$1.8 million ) fromRMB14.9 million in the third quarter of 2017. - Interest expense for the third quarter of 2018 decreased to
RMB3.1 million (US$0.4 million ), fromRMB5.7 million in the third quarter of 2017, which was primarily due to the decrease in outstanding short-term bank loans in the third quarter of 2018 as compared to that of 2017. - Foreign currency exchange gain for the third quarter of 2018 was
RMB6.1 million (US$0.9 million ), as compared to foreign currency exchange loss ofRMB8.9 million in the third quarter of 2017, which was mainly caused by the depreciation of Renminbi against US dollars in the third quarter of 2018 that generated exchange gains in Renminbi denominated borrowings recorded in the Company's subsidiaries whose functional currency is not Renminbi. - Gain from equity method investments for the third quarter of 2018, including impairments, was
RMB4.2 million (US$0.6 million ), as compared to gain from equity method investments ofRMB1.0 million in the third quarter of 2017. - Gain on disposal of convertible loans due from a related party for the third quarter of 2018 was
RMB10.6 million (US$1.5 million ), which was derived from the completion of the assignment toLong De Cheng Zhang Culture Communication (Tianjin) Co., Ltd. of the Company's rights under a loan toParticle Inc. with a principal amount ofUS$14.8 million originally granted inAugust 2016 and with the assignment price of approximatelyUS$17.0 million . - Others, net, for the third quarter of 2018 increased to
RMB5.8 million (US$0.8 million ), fromRMB4.9 million in the third quarter of 2017.
NET INCOME/(LOSS) ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED
Net loss attributable to
Non-GAAP net loss attributable to
For the third quarter of 2018, the Company's weighted average number of ADSs used in the computation of diluted net income per ADS was 72,745,318. As of
CERTAIN BALANCE SHEET ITEMS
As of
Business Outlook
Based on the new accounting standard (ASC606), for the fourth quarter of 2018, the Company expects its total revenues to be between
If the old accounting standard (ASC605) were to be used, for the fourth quarter of 2018, the Company would expect its total revenues to be between
All of the above 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
To participate in the call, please use the dial-in numbers and conference ID below:
International: |
+65 67135440 |
Mainland China: |
4001200654 |
Hong Kong: |
+852 30186776 |
United States: |
+1 8456750438 |
Conference ID: |
6289139 |
A replay of the call will be available through
International: |
+61290034211 |
Mainland China: |
4006322162 |
Hong Kong: |
+85230512780 |
United States: |
+16462543697 |
Conference ID: |
6289139 |
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"),
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
About Phoenix New Media Limited
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
[1] |
Paid services revenues comprise of (i) revenues from digital entertainment, which includes MVAS and digital reading, and (ii) revenues from games and others, which includes web-based games, mobile games, content sales, and other online and mobile paid services through the Company's own platforms. |
[2] |
Digital entertainment includes mobile value-added services delivered through telecom operators' platforms, or MVAS, and digital reading. |
[3] |
Games and others include web-based and mobile games, content sales, and other online and mobile paid services through the Company's own platforms. |
[4] |
"Others, net" primarily consists of government subsidies and litigation loss provisions. |
[5] |
"ADS" means American Depositary Share of the Company. Each ADS represents eight Class A ordinary shares of the Company. |
For investor and media inquiries please contact:
Qing Liu
Email: investorrelations@ifeng.com
Rose Zu
Tel: +1 (646) 405-4883
Email: investorrelations@ifeng.com
Phoenix New Media Limited |
|||||
Condensed Consolidated Balance Sheets |
|||||
(Amounts in thousands) |
|||||
December 31, |
September 30, |
September 30, |
|||
2017 |
2018 |
2018 |
|||
RMB |
RMB |
US$ |
|||
Audited* |
Unaudited |
Unaudited |
|||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
362,862 |
169,153 |
24,629 |
||
Term deposits and short term investments |
737,657 |
935,359 |
136,191 |
||
Restricted cash |
336,700 |
316,600 |
46,098 |
||
Accounts receivable, net |
458,744 |
414,616 |
60,369 |
||
Amounts due from related parties |
187,214 |
83,412 |
12,145 |
||
Prepayment and other current assets |
57,458 |
74,365 |
10,828 |
||
Convertible loans due from a related party |
102,631 |
- |
- |
||
Total current assets |
2,243,266 |
1,993,505 |
290,260 |
||
Non-current assets: |
|||||
Property and equipment, net |
64,454 |
96,355 |
14,030 |
||
Intangible assets, net |
6,712 |
5,504 |
801 |
||
Available-for-sale investments |
1,196,330 |
1,367,826 |
199,159 |
||
Equity investments, net |
15,342 |
16,717 |
2,434 |
||
Deferred tax assets |
60,460 |
91,470 |
13,318 |
||
Other non-current assets |
12,544 |
16,009 |
2,331 |
||
Total non-current assets |
1,355,842 |
1,593,881 |
232,073 |
||
Total assets |
3,599,108 |
3,587,386 |
522,333 |
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current liabilities: |
|||||
Short-term loans |
330,000 |
268,289 |
39,064 |
||
Accounts payable |
262,657 |
228,761 |
33,308 |
||
Amounts due to related parties |
14,140 |
20,948 |
3,050 |
||
Advances from customers |
65,196 |
63,526 |
9,250 |
||
Taxes payable |
92,214 |
102,804 |
14,969 |
||
Salary and welfare payable |
134,471 |
106,761 |
15,545 |
||
Accrued expenses and other current liabilities |
173,253 |
123,840 |
18,030 |
||
Total current liabilities |
1,071,931 |
914,929 |
133,216 |
||
Non-current liabilities: |
|||||
Deferred tax liabilities |
1,312 |
1,312 |
191 |
||
Long-term liabilities |
24,714 |
25,306 |
3,685 |
||
Total non-current liabilities |
26,026 |
26,618 |
3,876 |
||
Total liabilities |
1,097,957 |
941,547 |
137,092 |
||
Shareholders' equity: |
|||||
Phoenix New Media Limited shareholders' equity: |
|||||
Class A ordinary shares |
17,180 |
17,486 |
2,546 |
||
Class B ordinary shares |
22,053 |
22,053 |
3,211 |
||
Additional paid-in capital |
1,587,575 |
1,599,914 |
232,952 |
||
Statutory reserves |
81,237 |
81,237 |
11,828 |
||
Retained earnings |
229,250 |
204,301 |
29,747 |
||
Accumulated other comprehensive income |
570,244 |
728,334 |
106,047 |
||
Total Phoenix New Media Limited shareholders' equity |
2,507,539 |
2,653,325 |
386,331 |
||
Noncontrolling interests |
(6,388) |
(7,486) |
(1,090) |
||
Total shareholders' equity |
2,501,151 |
2,645,839 |
385,241 |
||
Total liabilities and shareholders' equity |
3,599,108 |
3,587,386 |
522,333 |
||
* Derived from audited financial statements included in the Company's Form 20-F dated April 26, 2018. |
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 |
Nine Months Ended |
||||||||||||
September 30, |
June 30, |
September 30, |
September 30, |
September 30, |
September 30, |
September 30, |
|||||||
2017 |
2018 |
2018 |
2018 |
2017 |
2018 |
2018 |
|||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|||||||
Revenues: |
|||||||||||||
Net advertising revenues |
363,124 |
316,035 |
280,216 |
40,800 |
942,933 |
839,112 |
122,177 |
||||||
Paid service revenues |
62,436 |
46,426 |
48,475 |
7,058 |
170,372 |
136,452 |
19,868 |
||||||
Total revenues |
425,560 |
362,461 |
328,691 |
47,858 |
1,113,305 |
975,564 |
142,045 |
||||||
Cost of revenues |
(188,185) |
(132,875) |
(151,587) |
(22,071) |
(518,518) |
(412,695) |
(60,090) |
||||||
Gross profit |
237,375 |
229,586 |
177,104 |
25,787 |
594,787 |
562,869 |
81,955 |
||||||
Operating expenses: |
|||||||||||||
Sales and marketing expenses |
(122,843) |
(109,823) |
(140,998) |
(20,530) |
(337,074) |
(382,040) |
(55,626) |
||||||
General and administrative expenses |
(28,650) |
(41,808) |
(41,692) |
(6,070) |
(96,466) |
(117,898) |
(17,166) |
||||||
Technology and product development expenses |
(50,412) |
(48,523) |
(50,969) |
(7,421) |
(140,831) |
(147,904) |
(21,535) |
||||||
Total operating expenses |
(201,905) |
(200,154) |
(233,659) |
(34,021) |
(574,371) |
(647,842) |
(94,327) |
||||||
Income/(loss) from operations |
35,470 |
29,432 |
(56,555) |
(8,234) |
20,416 |
(84,973) |
(12,372) |
||||||
Other income/(loss): |
|||||||||||||
Interest income |
14,922 |
13,550 |
12,349 |
1,798 |
41,073 |
38,837 |
5,655 |
||||||
Interest expense |
(5,700) |
(3,389) |
(3,080) |
(448) |
(18,475) |
(11,102) |
(1,616) |
||||||
Foreign currency exchange (loss)/gain |
(8,878) |
16,231 |
6,066 |
883 |
(19,079) |
7,166 |
1,043 |
||||||
Gain/(loss) from equity method investments, including impairments |
968 |
(435) |
4,240 |
617 |
1,431 |
1,375 |
200 |
||||||
Gain on disposal of convertible loans due from a related party |
- |
- |
10,565 |
1,538 |
- |
10,565 |
1,538 |
||||||
Others, net |
4,893 |
2,128 |
5,773 |
841 |
9,386 |
11,994 |
1,746 |
||||||
Income/(loss) before tax |
41,675 |
57,517 |
(20,642) |
(3,005) |
34,752 |
(26,138) |
(3,806) |
||||||
Income tax (expense)/benefit |
(9,615) |
(8,498) |
3,889 |
566 |
(11,489) |
115 |
17 |
||||||
Net income/(loss) |
32,060 |
49,019 |
(16,753) |
(2,439) |
23,263 |
(26,023) |
(3,789) |
||||||
Net loss attributable to noncontrolling interests |
834 |
222 |
127 |
18 |
2,388 |
1,098 |
160 |
||||||
Net income/(loss) attributable to Phoenix New Media Limited |
32,894 |
49,241 |
(16,626) |
(2,421) |
25,651 |
(24,925) |
(3,629) |
||||||
Net income/(loss) |
32,060 |
49,019 |
(16,753) |
(2,439) |
23,263 |
(26,023) |
(3,789) |
||||||
Other comprehensive income, net of tax: fair value remeasurement for available-for-sale investments** |
33,832 |
5,287 |
52,111 |
7,588 |
299,311 |
103,762 |
15,108 |
||||||
Other comprehensive (loss)/income, net of tax: foreign currency translation adjustment |
(18,778) |
49,376 |
39,966 |
5,819 |
(35,031) |
54,328 |
7,910 |
||||||
Comprehensive income |
47,114 |
103,682 |
75,324 |
10,968 |
287,543 |
132,067 |
19,229 |
||||||
Comprehensive loss attributable to noncontrolling interests |
834 |
222 |
127 |
18 |
2,388 |
1,098 |
160 |
||||||
Comprehensive income attributable to Phoenix New Media Limited |
47,948 |
103,904 |
75,451 |
10,986 |
289,931 |
133,165 |
19,389 |
||||||
Net income/(loss) attributable to Phoenix New Media Limited |
32,894 |
49,241 |
(16,626) |
(2,421) |
25,651 |
(24,925) |
(3,629) |
||||||
Net income/(loss) per Class A and Class B ordinary share: |
|||||||||||||
Basic |
0.06 |
0.08 |
(0.03) |
0.00 |
0.04 |
(0.04) |
(0.01) |
||||||
Diluted |
0.06 |
0.08 |
(0.03) |
0.00 |
0.04 |
(0.04) |
(0.01) |
||||||
Net income/(loss) per ADS (1 ADS represents 8 Class A ordinary shares): |
|||||||||||||
Basic |
0.46 |
0.68 |
(0.23) |
(0.03) |
0.36 |
(0.34) |
(0.05) |
||||||
Diluted |
0.46 |
0.67 |
(0.23) |
(0.03) |
0.36 |
(0.34) |
(0.05) |
||||||
Weighted average number of Class A and Class B ordinary shares used in computing net income/(loss) per share: |
|||||||||||||
Basic |
574,372,716 |
580,976,381 |
581,962,548 |
581,962,548 |
574,091,207 |
580,729,644 |
580,729,644 |
||||||
Diluted |
577,816,213 |
584,945,765 |
581,962,548 |
581,962,548 |
577,578,429 |
580,729,644 |
580,729,644 |
||||||
** The Company adopted ASU 2016-1, Recognition and Measurement of Financial Assets and Financial Liabilities, beginning from January 1, 2018. After the adoption of this new accounting standard, the Company measures long-term equity investments, other than those accounted for under the equity method, at fair value through earnings. As investments in Particle meet the definition of debt securities, which are recorded as available-for-sale investments, there is no impact by the adoption of ASU 2016-1 on the available-for-sale investments in Particle and the changes in their fair value continue to be recorded in other comprehensive income.
|
Phoenix New Media Limited |
|||||||||||||
Condensed Segments Information |
|||||||||||||
(Amounts in thousands) |
|||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||
September 30, |
June 30, |
September 30, |
September 30, |
September 30, |
September 30, |
September 30, |
|||||||
2017 |
2018 |
2018 |
2018 |
2017 |
2018 |
2018 |
|||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|||||||
Revenues: |
|||||||||||||
Net advertising service |
363,124 |
316,035 |
280,216 |
40,800 |
942,933 |
839,112 |
122,177 |
||||||
Paid service |
62,436 |
46,426 |
48,475 |
7,058 |
170,372 |
136,452 |
19,868 |
||||||
Total revenues |
425,560 |
362,461 |
328,691 |
47,858 |
1,113,305 |
975,564 |
142,045 |
||||||
Cost of revenues |
|||||||||||||
Net advertising service |
149,000 |
110,022 |
132,066 |
19,229 |
421,584 |
349,377 |
50,870 |
||||||
Paid service |
39,185 |
22,853 |
19,521 |
2,842 |
96,934 |
63,318 |
9,220 |
||||||
Total cost of revenues |
188,185 |
132,875 |
151,587 |
22,071 |
518,518 |
412,695 |
60,090 |
||||||
Gross profit |
|||||||||||||
Net advertising service |
214,124 |
206,013 |
148,150 |
21,571 |
521,349 |
489,735 |
71,307 |
||||||
Paid service |
23,251 |
23,573 |
28,954 |
4,216 |
73,438 |
73,134 |
10,648 |
||||||
Total gross profit |
237,375 |
229,586 |
177,104 |
25,787 |
594,787 |
562,869 |
81,955 |
Phoenix New Media Limited |
|||||||||||||
Condensed Information of Cost of Revenues |
|||||||||||||
(Amounts in thousands) |
|||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||
September 30, |
June 30, |
September 30, |
September 30, |
September 30, |
September 30, |
September 30, |
|||||||
2017 |
2018 |
2018 |
2018 |
2017 |
2018 |
2018 |
|||||||
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|||||||
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|||||||
Revenue sharing fees |
27,891 |
11,460 |
14,261 |
2,076 |
60,263 |
34,338 |
5,000 |
||||||
Content and operational costs |
110,491 |
107,516 |
122,632 |
17,856 |
322,791 |
335,421 |
48,838 |
||||||
Bandwidth costs |
14,085 |
13,899 |
14,694 |
2,139 |
42,220 |
42,936 |
6,252 |
||||||
Sales taxes and surcharges |
35,718 |
- |
- |
- |
93,244 |
- |
- |
||||||
Total cost of revenues |
188,185 |
132,875 |
151,587 |
22,071 |
518,518 |
412,695 |
60,090 |
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 September 30, 2017 |
Three Months Ended June 30, 2018 |
Three Months Ended September 30, 2018 |
|||||||||||||||
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 |
237,375 |
949 |
(1) |
238,324 |
229,586 |
634 |
(1) |
230,220 |
177,104 |
442 |
(1) |
177,546 |
|||||
Gross margin |
55.8% |
56.0% |
63.3% |
63.5% |
53.9% |
54.0% |
|||||||||||
Income/(loss) from operations |
35,470 |
2,450 |
(1) |
37,920 |
29,432 |
3,390 |
(1) |
32,822 |
(56,555) |
2,535 |
(1) |
(54,020) |
|||||
Operating margin |
8.3% |
8.9% |
8.1% |
9.1% |
(17.2%) |
(16.4%) |
|||||||||||
2,450 |
(1) |
3,390 |
(1) |
2,535 |
(1) |
||||||||||||
(968) |
(2) |
435 |
(2) |
(4,240) |
(2) |
||||||||||||
Net income/(loss) attributable to Phoenix New Media Limited |
32,894 |
1,482 |
34,376 |
49,241 |
3,825 |
53,066 |
(16,626) |
(1,705) |
(18,331) |
||||||||
Net margin |
7.7% |
8.1% |
13.6% |
14.6% |
(5.1%) |
(5.6%) |
|||||||||||
Net income/(loss) per ADS -- diluted |
0.46 |
0.48 |
0.67 |
0.73 |
(0.23) |
(0.25) |
|||||||||||
Weighted average number of ADSs used in computing diluted net income/(loss) per ADS |
72,227,027 |
72,227,027 |
73,118,221 |
73,118,221 |
72,745,318 |
72,745,318 |
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(1) Share-based compensation |
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(2) Loss/(gain) from equity method investments, including impairments |
Non-GAAP to GAAP reconciling items have no income tax effect.
View original content:http://www.prnewswire.com/news-releases/phoenix-new-media-reports-third-quarter-2018-unaudited-financial-results-300748633.html
SOURCE