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Phoenix New Media Limited (NYSE:FENG) Q3 2023 Earnings Call Transcript

Phoenix New Media Limited (NYSE:FENG) Q3 2023 Earnings Call Transcript November 15, 2023

Operator: Good day and thank you for standing by. Welcome to Phoenix New Media Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I'd now like to hand the conference over to Muzi Guo from Investor Relations Department. Please go ahead.

Muzi Guo: Thank you, operator. Welcome to Phoenix New Media's earnings conference call for the third quarter of 2023. Joining me here today are our CEO, Mr. Yusheng Sun; and our CFO, Mr. Edward Lu. During this call, our management team will begin by providing an overview of our quarterly results, followed by a Q&A session. You can find the financial results for the third quarter of 2023 as well as the webcast of this conference call on our website at ir.ifeng.com. A replay of this call will also be made available on the website within the next few hours. Before we proceed, I would like to draw your attention to our safe harbor statement, which can be found in our earnings press release. This statement is important as it pertains to our forward-looking statements during the call.

Additionally, please note that unless otherwise specified, all figures mentioned throughout this conference call are in RMB. Now I will pass the call over to Mr. Sun, our CEO, for his opening remarks. I will provide the translation.

Aerial view of broadcast segment of the media company at work.

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Yusheng Sun: [Foreign Language] Hello, everyone. In the second half of the year, we find ourselves navigating a macro environment filled with uncertainties. This challenging backdrop has created headwinds in our advertising business. However, in these trying times, it's imperative that we remain faithful to our core values and competencies, and at the same time, we must proactively adapt our decision-making process and innovation strategies to quickly respond to the ever-evolving market. We need to clarify our core competency, which is news. We will continue to leverage our advantage in news coverage and create an irreplaceable content quality that sets us apart from others, thus better supporting our content marketing efforts. Next, Edward will provide a more detailed rundown of our operation in the third quarter. Edward, please go ahead.

Edward Lu: Thank you, Muzi. During the third quarter, we were committed in upholding the quality of our content as a mainstream media outlet. In the current turbulent global landscape and the macro environment, trustworthiness has emerged as an essential requirement for our users. Since the outbreak of the Israel-Palestine conflict, we have compiled over 100 news flash and articles, establishing ourselves as the go-to source for tracking the development of the crisis. Our content has been widely shared by users, resulting in a substantial boost in traffic. This is driven by hot topics, accounted for 30% of the total new visits. In our live broadcast, we provided on-site reporting under the title Live from the Israel-Palestine Conflict Zone at Gaza Border.

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To continue reading the Q&A session, please click here.