Phoenix New Media (FENG) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenues rose 3% year-on-year to RMB 218.1 million, driven by content professionalism, innovation, and a surge in paid services, while net advertising revenues declined.

• Demonstrated rapid, in-depth news coverage of major global events, earning industry and user recognition.

• Original content and IPs, such as Tang Bohu and Cover Story, reached record engagement and trended across platforms.

• Hosted high-profile events reflecting social responsibility and cultural values, enhancing brand influence.

• Full-year 2024 revenues increased 1.7% to RMB 703.7 million, with net advertising up 1.8% and paid services up 0.6%.

Financial highlights

• Total revenues reached RMB 218.1 million in Q4, up 3% year-on-year from RMB 211.8 million.

• Net advertising revenues were RMB 118.9 million, down from RMB 197 million year-on-year; Q4 net advertising revenues: RMB 189.0 million (down 4.1%).

• Paid services revenues surged 96.6% year-on-year to RMB 29.1 million, led by digital reading services.

• Gross margin improved to 44.5% from 43.1% year-on-year.

• Net loss attributable was RMB 3.6 million, compared to net income of RMB 8.1 million in the prior year.

Outlook and guidance

• Q1 2025 revenue expected between RMB 147.1–162.1 million; net advertising RMB 112.1–122.1 million; paid services RMB 35.0–40.0 million.

• Guidance reflects current views and is subject to substantial uncertainties.