Phoenix New Media (FENG) Q3 2026 Earnings Call Transcript

FENG posted Q3 2026 revenue of RMB 217.6 million, up 8.3% year-over-year, as a 64.4% surge in paid services from digital reading offset weakness in its core ad business.

Net advertising revenues fell 6.3%. The company attributed the decline to cautious spending in home appliances, e-commerce, and automotive. Advertising remains the pressure point, and the paid-services jump is carrying the top-line growth.

Profitability showed a split picture. Operating loss narrowed to RMB 3.2 million from RMB 13.3 million a year earlier, a cut of roughly RMB 10 million. Net loss widened to RMB 24.3 million, which the company attributed to investment fair value fluctuations. Interpretation: the operating improvement points to better core cost control or mix, while the net loss reflects non-operating marks rather than a deterioration in the underlying business.

Management also flagged AI and robotics revenue running at more than 3x its 2025 full-year total, and said it is adapting content distribution for AI models and large language platforms. The source gives no dollar figure for that segment, so its scale relative to total revenue remains unclear.