Phoenix New Media Reports Fourth Quarter and Fiscal Year 2017 Unaudited Financial Results
Live Conference Call to be Held at 9:00 PM U.S. Eastern Time on March 12, 2018
BEIJING, China, March 13, 2018 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 fourth quarter and fiscal year ended December 31, 2017.
We are very pleased to deliver better-than-expected financial results, and we are especially encouraged by the strong growth in our advertising revenues, stated Mr. Shuang Liu, CEO of Phoenix New Media, We appreciate and embrace the new government policies implemented in 2017 against fake and vulgar media content. Such policies match our mission to provide professional journalism, high-quality news, and tasteful content to our customers. As part of our ongoing efforts to further enrich our premium content and create our own IP, we launched an innovative online video mini-series titled A Journey through Literature, which explored Chinese culture and philosophies. During its 6-week broadcast, the show attracted numerous viewers to ifeng
and also received praise from the Peoples Daily.
The unique value proposition offered by our programmatic advertising platform combined with our brand advertising solution enabled us to generate higher-than-expected revenues in the fourth quarter of 2017. While we continue to enhance our existing products, we are also actively developing new products to cultivate future growth engines. During the quarter, we launched Zhizhi, a new Paid Knowledge Sharing product that takes our news app to a more versatile level. In addition, we broadened the content categories of our digital reading business by adding two of the most popular genres with our younger target demographic: chat stories and comics. Going forward, we are confident that our brand equity, credibility, professionalism, and synergies between our business segments will enable us to garner additional market share and solidify our industry-leading position.
Ms. Betty Ho, CFO of Phoenix New Media, further stated, We are happy to report another solid quarter during which our growth momentum continued. During the fourth quarter of 2017, our total revenues increased by 12.1% year-over-year to RMB461.8 million. In particular, our net advertising revenues increased by 16.3% year-over-year to RMB410.5 million, primarily driven by a 62.6% year-over-year increase in our mobile advertising revenues. The strong growth of the mobile advertising business enabled it to contribute about 60% of our total advertising revenue in 2017. The continued optimization of our ifeng News App drove its users to grow over 30% in the fourth quarter of 2017 as compared to the same quarter of the previous year. Looking forward, we will continue to focus on our content and product improvement to maximize shareholders value.